Lab-grown diamond jewellery sales to breach the 10% mark for the first time this year – Zimnisky

The supply and demand for man-made diamonds had been on an increase in recent years, much to the discomfort of the natural diamonds industry. Some companies in the mid-stream segment of the natural diamond industry are now involved in the lab-grown business...

28 november 2022

Diamond mining and diamond synthesis: Which is more efficient?

Vladislav Zhdanov - Professor at the National Research University Higher School of Economics and former Vice President of ALROSA (2015-2018). He is a physicist by profession. Vladislav Zhdanov was educated at the Ural Federal University (General...

21 november 2022

The success of TAGS over the past 5 years has encouraged many large tender houses to establish regular and sizeable tender operations in Dubai

Mike Aggett is an experienced Private Consultant with a demonstrated history of working in the mining and metals industry. Skilled in Luxury Goods, Business Planning, Sales, Gemology, and Jewelry, Mike is a professional who graduated from Dover College...

14 november 2022

It all starts with stones - it is they that give impetus, determine the image and embodiment

Maxim Selikhov is the founder of the SelikhoV Diamonds brand launched in 2006, and the company manufactures unique handmade jewellery with rare high-quality gemstones. He is also known as a collector of unique and large-size jewellery stones who considers...

07 november 2022

‘Our technologies – CVD machines and growing technology – are game changers’, asserts Arnaud Flambeau, Executive Chairman, 2DOT4 Diamonds LLC

Arnaud Flambeau is the Executive Chairman of ‘2DOT4 Diamonds LLC’, Dubai, a fully integrated lab-grown diamonds company. The Company provides rough 'as grown' diamonds, in-house polished IGI certified loose polished diamonds and high-quality...

31 october 2022

Petra FY20 output, revenue slip

24 july 2020
Petra Diamonds produced 3.59 million carats during the year ended 30 June 2020, a 7% drop from 3.87 million carats, a year earlier.
It said production was severely disrupted by the lockdown implemented in South Africa from 26 March 2020 and the Williamson mine in Tanzania being placed on care and maintenance in April 2020.
Petra said production guidance for FY 2021 will be provided once a sustainable level of operational stability has been reached.
The group’s revenue also decreased 36% to $295.8 million compared to the previous year’s $463.6 million, reflecting weaker prices during the period to February 2020.
Significant price reductions and major disruptions to the planned sales cycles following the outbreak of the COVID-19 pandemic also worsened the situation.
“Despite our robust underlying business, significantly reduced revenues that are the result of a disrupted diamond market have required us to formally engage with our note holders and consider other strategic options to deliver a more sustainable capital structure going forward,” said Petra chief executive Richard Duffy.
The group’s net debt was $658 million as at 30 June 2020 from $601 million as at 31 March 2020.
Petra said it is continuing to explore strategic options to evaluate the optimal capital structure for the long-term success of the business, which includes running a formal sale process to invite suitable and deliverable offers for either the group or one or more of its assets.
Commenting on the diamond market, Petra said the disruption to supply caused by the COVID-19 pandemic will serve to exacerbate the longer-term trend of declining supply.
Data recently released by the Kimberley Process saw production by volume down 12% from 148.4millio carats in 2018 to 130.3 million carats in 2019 and down 7% by value from $14.5 billion in 2018 to $13.5 billion in 2019.

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