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...

Today

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

Diamcor rakes in $271k from latest tender, continues with cost reduction measures

31 july 2020
Diamcor recently completed a tender and sale of 2,427 carats from its Krone-Endora at Venetia Project, in South Africa, generating gross revenues of $271,263.
The company recorded an average price of $111.87 per carat for the period.
“We were very pleased with the results of this tender given the higher dollar per carat was primarily associated with a higher percentage of larger, higher quality rough diamonds which were recovered just prior to the required shutdown of operations at the Project,” said Diamcor chief executive Dean Taylor.
“It was unfortunate timing, as the efforts undertaken by our new operational team were clearly demonstrating positive results...” 
Meanwhile, Diamcor said it is continuing with efforts to implement short-term operational changes and cost reduction efforts at its Krone-Endora since the lockdown directive associated with the COVID-19 virus was imposed on March 23.
The project had been under temporary care and maintenance for the past three months.
Diamcor said it continues to reduce, defer, and minimise costs, including management and director compensation, where possible, during the lockdown period.
“The company is also working with its corporate bank, and the South African government, in an effort to secure COVID-19 relief funds, to support the project’s return to day-shift operations when possible,” it said.

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