Part 2: KPCSC wants Russia to help end impasse on new definition of conflict diamonds

In the first installment of this two-part exclusive interview with Shamiso Mtisi, the coordinator of the Kimberley Process Civil Society Coalition (KPCSC), we focused on illegal diamond mining in the continent and where the contraband ends up...


Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

18 october 2021

The jewelry industry in Russia needs to be upgraded in a serious way

Dina Nasyrova is a vice-president of the International Jewelry Exhibition-Congress J-1 recently hosted by the Atrium of Gostiny Dvor in Moscow. As a partner and the Muse of the famous jeweler Ilgiz Fazulzyanov, she actively participated in the preparation...

11 october 2021

Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

Zulu Ghevriya, the CEO and Co-Founder of Smiling Rocks, Founder of Vedantti Jewellery and Managing Director of Prism Group has been in the diamond and jewellery industry for over 20 years. Zulu started his business, Prism Group, as a natural diamond...

04 october 2021

Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

27 september 2021

Covid-19: Lucara cuts initial capital budget for Karowe underground project

26 may 2020
Karowe Mine                                                                                                                            Image credit: Lucara Diamond

Lucara Diamond is revising its initial capital budget for the Karowe underground project in Botswana until the uncertainty in global markets caused by the Covid-19 pandemic is gone.
Pre-production capital cost of the underground project was set at $514 million and the company intended to spend $53 million this year mostly around long-lead time procurement and some physical works.
“Given the uncertainty in global markets resulting from COVID-19, the originally planned capital budget will be reduced until more certainty exists around our cash flow projections,” Lucara Botswana managing director Naseem Lahri was quoted as saying by BusinessWeek.
Lucara had anticipated that cash flow from operations in 2020 would help the company pursue early works which are critical to the underground development schedule.
It had projected to accrue revenues of between $180 million and $210 million this year, as the proportion of carats recovered from the higher grade MP/KS and EM/PK(S) units increase. Lucara concluded a feasibility study for the underground expansion at Karowe, which was expected to double the mine life, and generate significant revenue and cashflow out to 2040.  
Karowe has produced 2.5 million carats since 2012 and generated $1.5 billion in revenue.
Lahri said Lucara was continuing to explore debt financing options for the underground expansion for amounts, which are expected to exceed the company’s cash flow from operations during the construction period.

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