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

The prospects of the diamond industry in the post-crisis period are discussed by the Rough&Polished correspondent with Sergey Mityukhin, Candidate of Geological and Mineralogical Sciences, Honored Geologist of the Russian Federation.

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

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

Petra Diamonds up for sale after review of $650m debt

30 june 2020
The Cullinan Diamond Mine                                                                                         Image credit: Petra Diamonds

Petra Diamonds, which has mines in South Africa and Tanzania, has put itself up for sale or parts of the business and assets of the group.
This follows a strategic review, which seeks to find ways to repay the group’s $650 million debt.
“It is currently expected that any party interested in participating in the formal sale process will receive certain publicly available information on Petra as part of Phase One, following which interested parties shall be invited to submit their proposals to Rothschild & Co,” said Petra.
“Upon receipt of any proposals, the company and its advisers will determine (at their sole discretion) whether to progress any interested parties into a formal Phase Two sale process.”
It said a formal sale process will require interested parties to enter into a confidentiality agreement with the company on terms satisfactory to the board of Petra and on the same terms, in all material respects, as other interested parties.
“The board of Petra reserves the right to alter or terminate this process at any time and in such an event, the company will make an announcement as appropriate,” it said. 

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