Innovation and automation can conquer any challenges

Rahul Gaywala, the CEO of STPL has been with the Sahajanand Group since 1993 and in his tenure with STPL, he has proved to be a hard-core innovator and technocrat intent on helping to transform the diamond trade from a labour-intensive industry to an...

Today

Memorial Foundation of Carl Fabergé continues to fulfill its tasks

Valentin Skurlov, Ph. D., who is an Honorary Academician of the Russian Academy of Arts, professor, scientific secretary of the Fabergé Memorial Foundation, consulting researcher studying the Fabergé heritage at the Russian department of the Christie's...

30 march 2020

Gaetano Cavalieri: We need to protect the long-term health of our industry

The World Jewellery Confederation (CIBJO) represents the entire jewelry industry embracing a whole variety of companies, from those mining precious metals and gems to those, which are manufacturing and selling final products. The confederation...

23 march 2020

Sierra Leone mulls setting up entity to buy diamonds from artisanal miners

Sierra Leone will revise its Mines and Minerals Act that will, among other issues, pave way for the establishment of a State entity that can buy diamonds from artisanal miners, an official has said. The National Minerals Agency of Sierra Leone director-general...

16 march 2020

David Block, CEO of Sarine Technologies believes that AI will play a bigger role in the industry in the next few years

Armed with an MBA degree from the Kellogg-Recanati School of Business, and a Bachelor's degree in Computer Science from the Tel Aviv-Jaffo Academic College in Israel, David Block is the present CEO of Sarine Technologies, a worldwide leader in the...

10 march 2020

Angola’s SML to receive $4m under partnership with Safdico

25 march 2020

lucapa_logo.pngLucapa Diamond says Lulo alluvial mining company, Sociedade Mineira Do Lulo (SML) is set to receive $4 million under the partnership agreement with diamond manufacturer Safdico, a subsidiary of Graff International. 
This will comprise of $1.5 million payment in respect of SML’s share of profits from the cutting and polishing or sale of run of mine Lulo diamonds sold to Safdico in 2019 under the partnership agreement as well as $2.5 million payment for the purchase of the Lulo 46 carat pink rough diamond. 
Lucapa, which has a 40% stake in SML said the firm will retain a share in the margins generated from the resultant sale of diamonds polished from the pink stone.

news_25032020_lucapa.png
                            The 46-carat pink diamond from Lulo                                    Image credit: Lucapa

Under the partnership agreement, SML would be paid up front for the rough market value  of the Lulo diamonds sold to Safdico, with both companies sharing in the resultant margins generated. 
Safdico, as a preferred buyer of SML, can purchase up to 60% of Lulo’s annual rough production as is permitted under Angola’s transformative new diamond marketing regulations. 

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished