Young Diamantaires: We create initiatives for the benefit of diamond communities worldwide

The World Federation of Diamond Bourses recently launched its Young Diamantaires website. The organization has worked for the past four years with young members of the diamond community all over the world to create a platform through which they can express...

29 june 2020

Those who implement the right anti-crisis strategies have more chances

It is not surprising that because of the pandemic and the crisis, the most heated debate in the jewellery industry is about what is happening and the possible ways of survival. Irina Slesareva, an expert, art director of the Russian Diamond Line contest...

22 june 2020

The secondary diamond market in Russia is not mature although its prospects are huge

Pavel Barannik, the founder and head of the Moscow Gemological Laboratory, the founder of the Gemological Institute and President of the Moscow Diamond Club, graduated from the Gemological Institute of America (GIA). He is an expert and consultant...

15 june 2020

Johan Erikson: The industry needs to spend more on advertising and marketing

First Element is a fully independent Diamond Services Company registered in Belgium, Botswana, South Africa and Dubai. First Element is committed to providing a world class diamond service aimed at adding value to the entire supply chain, from the daily...

08 june 2020

African diamond firms on COVID-19 response, recent developments

Rough & Polished recently contacted several diamond producers and exploration companies with operations in Africa to establish how their operations were affected by the Covid-19 pandemic and what they are doing to alleviate the impact. We also sought...

01 june 2020

Catoca cuts production as diamond sales drop in response to Covid-19 pandemic

21 may 2020

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Image credit: ALROSA

Angola’s largest diamond mining company, Sociedade Mineira de Catoca, has partially suspended its prospecting activities and reduced its production and treatment capacity in response to a drop in sales caused by the Covid-19 pandemic.
The company was quoted by Novo Jornal as saying in a statement that it had also postponed some investments and had decided to adjust its operating expenses.
Catoca’s shareholders were state-owned diamond company Endiama and Russian group Alrosa, with equal holdings of 41%, while the remaining 18% was held by LL International Holding B.V.
Endiama said last week that Angola will this year produce 8 million carats from the initial target of 10 million carats.
Catoca produces about 80% of Angola’s annual diamond output.
Most diamond companies have suspended their sales due to travel restrictions imposed to contain the virus.
De Beers has since resorted to online diamond sales after cancelation of monthly sightholder sales in Gaborone.
The Gem & Jewellery Export Promotion Council (GJEPC) of India, the Bharat Diamond Bourse (BDB) and other trade organisations had encouraged rough importers to voluntarily reduce rough diamond imports from May 15, to help preserve inventory value and maintain the strength of the Indian diamond industry.
However, this has since been shifted to June 1, which explains our report this week that Angola’s national diamond trading company, Sodiam had sold five parcels of rough diamonds produced by Catoca to three Indian companies.
  
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished