GJEPC will focus on demand generation for diamonds and jewellery in the next two years

Mr. Vipul P Shah, Vice Chairman, GJEPC and also CEO & Managing Director of Asian Star Co. Ltd. has a rich experience in the diamond industry. His business acumen and professional conduct have contributed significantly in transforming a diamond manufacturing...

13 july 2020

The need for significant capital investments will be the main trend in the diamond mining industry in 2021-2030

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06 july 2020

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

SA state diamond firm Alexkor trading recklessly, may go bust by June

28 may 2020

South African state-owned diamond mining company, Alexkor is trading “recklessly” and failing to meet its financial obligations, according to local media reports.
The miner’s administrator Lloyd McPatie said in a briefing to a Parliamentary Portfolio Committee on Public Enterprises that Alexkor was set to run out of cash by June, following a loss of R63.5-million ($3.6 million) in 2019. 

Image credit: Alexkor

Alexkor’s core business is diamond mining around Alexander Bay and its non-core business includes residential and community services.
"It was not a going concern when I walked in, and it's still not a going concern," McPatie was quoted as saying by Fin24.
"The company is not a going concern. It can't generate cashflows."
McPatie proposed that a new recapitalised entity be established to own and manage the Alexander Bay mine.
The administrator said the Pooling and Sharing Joint Venture (PSJV) between Alexkor and the Richterveld Mining Company, which includes the Richtersveld community, was also technically insolvent and could not trade itself out of its current financial situation.
Alexkor owns 51% of the mine, in Richtersveld, in the Northern Cape while the remaining 49% was owned by the PSJV.
McPatie, who was appointed in mid-2019 to review the contract mining and revenue sharing models between the PSVJ and the contractors, said the entity only had one geologist, which was not normal for a mining operation.
He said PSJV should at least have a metallurgist, a surveyor and a mineral resource manager appointed as well.
The option of liquidation of the PSJV was proposed to government last January, but this was depended on the Communal Property Association being properly constituted, which McPatie said it was not.

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