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...

25 october 2021

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

Foreign buyers to purchase Angolan diamonds in forex

08 june 2020
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Image credit: AhmadArdity (Pixabay)



Foreign buyers of Angolan diamonds are now obliged to purchase local stones in foreign currency, according to a notice released by the National Bank of Angola (BNA).
The notice seen by Sapo Angola also directs that all foreign currency deposits should be made with a bank domiciled in the country.
BNA said the purchase and sale of diamonds by Angola-based companies and individuals will be made in the local currency, Kwanza.
However, the bank also gave the local diamond buyers and sellers to trade in foreign currency if both parties agree to do so.
BNA opened the foreign currency trading platform (FXGO) to diamond companies last month.
The FXGO platform, which was contracted to Bloomberg, had since end of March been utilised by 23 banks as well as eight companies in the oil sector.
Apart from diamond companies, BNA also wants the national treasury and large companies with foreign currency purchase needs, such as air navigation companies, to access the FXGO platform.
The FXGO platform allows real-time trading between foreign currency sellers and buyers, with exchange rates freely negotiated between the parties.

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