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...

Yesterday

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

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

De Beers seeks to narrow gap between revenue, costs – report

27 july 2020
Diamond giant, De Beers has come up with ways it can narrow the gap between its revenue and costs, according to a news report. 
Group chief executive Bruce Cleaver was quoted by Bloomberg as saying that these will vary from selling rough diamonds quickly and in a more integrated way to reconsidering how diamonds are recovered.
He said in a letter to the staff, seen by the business news agency, that Covid-19 had compounded and exacerbated difficulties that already existed in the diamond world.
“These difficulties, which have inhibited our growth over the past several years, have become even more urgent to address,” he said.
“They require us to act now to protect the short-term health of the business while refocusing and reorienting it to realize our long-term potential.”
Although Cleaver said the details of the changes are still being worked out, the process will likely involve job cuts, according to unnamed sources cited by Bloomberg.
“We are now working through a process to start to shape an organization that is better equipped and empowered to deliver this change,” said Cleaver.
“It won’t be easy for any of us. We will, very likely, come out of this a more focused and more connected business.”
De Beers’ second quarter rough diamond production eased by 54% to 3.5 million carats compared to 7,7 million carats, a year earlier due to the Covid-19 lockdowns in southern Africa.
The group’s rough diamond sales also totaled 300 000 carats in the second quarter compared with 9 million carats, the previous year.
Rough diamond consolidated sales in the second quarter also eased to $56 million compared with $1.3 billion in the comparative period last year, driven by lower volumes and prices.

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