Diamonds: A cocktail of optimism, pessimism in the midst of Covid-19 pandemic

Rough & Polished’s Mathew Nyaungwa recently attended a webinar organised by CIBJO Communications to examine consumer demand at the time of the Covid-19 pandemic, importance of data, financial models and lab grown diamonds. The webinar, chaired by Edward...

Yesterday

How Russkiye Samotsvety is coping with the current downturn

One of the key issues facing most Russian companies today is the need for an objective assessment of the new consumption decline due to the quarantine, as well as making forecasts for a way out of it. According to a RBC-Petersburg’s study made in June...

03 august 2020

Global rough diamond sales down 80-90% in value in Q2 –Zimnisky

The COVID-19 pandemic, which is spreading across the globe, having originated from China’s Wuhan has left diamond traders and buyers at sixes and sevens. Traditional diamond tenders were cancelled around March as governments imposed travel restrictions...

27 july 2020

Indian diamond and polishing industry requires forward integration - Dinesh Navadiya

Dinesh Navadiya is now the Regional Chairman (Gujarat Region) of The Gems & Jewellery Export Promotion Council (GJEPC) of India for the 3rd term. He is also the Director on the Board of the Gem & Jewellery Skill Council of India (GJSCI)...

20 july 2020

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

Mountain Province Diamonds announces Q2 2020 production results

21 july 2020
Mountain Province Diamonds Inc. has announced production and sales results for the second quarter ended June 30, 2020 from the Gahcho Kué Diamond Mine, according to a press release from the miner.
In Q2 2020, Mountain Province mined a total of 6,836,110 tonnes of ore, a 37% decrease from 10,865,263 tonnes on comparable period in Q2 2019. In Q2 2020, 786,249 ore tonnes were treated, an 11% decrease on comparable period of 882,374 tonnes in Q2 2019.
1,547,114 carats were recovered at an average grade of 1.97 carats per tonne, an 11% decrease on comparable quarter of 1,730,147 carats at 1.96 in Q2 2019.
According to the Company, the variance in the latest quarterly production figures compared to same period last year, and specifically the total ore and waste tonnes mined, are a direct result of the impacts of COVID-19 on mine operations. Also, reduced levels of personnel, travel restrictions to and from site, revised health and safety protocols on site affected production as well. 
Stuart Brown, Mountain Province’s President and Chief Executive Officer, commented: "Our lower Q2 production figures in comparison to previous quarters are direct results of the impacts of the Coronavirus on our operations at the GK Mine and do not reflect normal operating conditions. We will continue operating under the newly modified conditions until there is a solution to this crisis. Looking ahead, I am confident that we will meet our revised guidance of 6.3 – 6.4 million carats for 2020, which is a very credible performance of our operations in comparison to our original budget of 6.75 – 6.95 million carats given the challenges posed by the COVID-19 pandemic."

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished