“With technology all information is immutable and Blockchain cannot be compromised,” reassures Erik Jens, CEO, LuxuryFintech

When Erik A Jens quit ABN AMRO as global CEO of its diamond and jewellery client division, he started his movement called LuxuryFintech, which provides services such as commercial and corporate banking solutions for the art and jewelry sector, and asset-backed...

25 january 2021

Diamonds across time

Not so long ago, the global library of professional publications on precious stones was replenished with a unique book about rare diamonds and diamond jewelry published by the World Diamond Museum. Alex Popov, the founder and director of the museum told...

18 january 2021

Academician Pokhilenko: The situation with rough diamonds in the Russian Federation will start changing for the worse as early as 2025

Nikolai Petrovich Pokhilenko, Academician of the Russian Academy of Sciences (RAS), Deputy Chairman of the Siberian Branch (SB) of the RAS, Scientific Director of the Institute of Geology and Mineralogy of the SB of the RAS, is a prominent...

11 january 2021

Ilgiz Fazulzyanov: For a creator, the quarantine is the time to work on future masterpieces

Ilgiz Fazulzyanov is a successful and internationally recognized jewellery designer. He received his academic art education in Kazan and moved to Moscow in the 1990s where he lives and works now. His brand, Ilgiz F., is well known among true connoisseurs...

04 january 2021

Botswana Diamonds keen to mine KX36 kimberlite if found commercial

Botswana Diamonds intends to mine the KX36 kimberlite, which it recently acquired from Petra Diamonds if found commercial. The high-grade KX36 kimberlite pipe is part of the three Prospecting Licenses in the Central Kalahari Game Reserve in Botswana...

28 december 2020

Petra Diamonds registers 27% drop in prices, declares force majeure at Williamson mine

13 april 2020

Petra Diamonds’ fifth sales cycle registered a 27% drop in rough diamond prices on a like-for-like basis in comparison to the fourth sales cycle in February.
The mid-tier diamond producer said it experienced depressed and opportunistic bidding for its diamonds at the fifth sales cycle, particularly in the larger size and higher quality, greater value categories.
It, however, chose to only sell a portion of its South African goods, representing 75% by volume and 50% by value. 

                                            Image credit: Petra Diamonds

The remaining goods were exported to Antwerp and of these, 75% were subsequently sold at its Antwerp marketing office.
Petra said a total of 24,254 carats, comprising higher value +10.8 carat single stones as well as parcels across the size and quality ranges, were withdrawn and will be sold privately or at a subsequent sales cycle, when market conditions allow.
The company was due to hold two further sales in May and June before the end of its financial year. 
Petra said it will continue to monitor marketing conditions before taking any decision on the continuation of the planned May tender while the outlook for the June sale remains uncertain and will depend on travel and export conditions at the time, as well as activity levels in the key diamond buying centres of India, Israel, China and the US.
Meanwhile, Petra said it remains focused on taking all actions necessary to support the measures to limit the outbreak of COVID-19 in the countries in which it operates and to decrease the threat to our employees, contractors and other local stakeholders.
The company has also declared force majeure at the Williamson mine in Tanzania due to the unprecedented depressed market environment.
It will place the operation on care and maintenance from the middle of April, with only essential services to be carried out in order to protect the mine’s assets and resources.
“This decision is necessary to preserve the Williamson mine’s cash position in order to protect the long-term sustainability of the operation,” said Petra.
“The company will look to resume operations once diamond prices are at a level that make it operationally sustainable.”
The company has also decided to delay the release of its third quarter results for the fiscal year 2020 to late May in order to be in a position to provide a fuller update to the market, particularly around its liquidity and capital structure.
“Given the unprecedented trading conditions, we are taking all steps necessary to preserve the company’s liquidity position in order to withstand this very difficult period until market conditions improve,” said Petra chief executive Richard Duffy.
“We remain committed to protecting the ongoing viability of our operations, to the benefit of all our stakeholders.”

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