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

Gem Diamonds registers strong Letšeng H1 sales despite challenges

31 july 2020
Gem Diamonds raked in $74 million from 43 384 carats recovered at its Letšeng in Lesotho during the first half of the year compared to $87.6 million realised from 55 578 carats sold in the previous half. 
The diamonds were sold at an average price of $1,707 per carat, up 8% from $1, 576 per carat during the second half of 2019.
"The positive sales results during the period demonstrate the continued demand for Letšeng's high quality diamonds with an average price of $1 707 per carat, despite the challenging global conditions,” said company chief executive Clifford Elphick.
“This, together with the pro-active cost control and cash preservation measures implemented across the group, has resulted in positive cash flow generation during the period.”
Gem Diamonds sold 16 diamonds for more than $1 million each, generating revenue of $29.4 million during the first half of the year compared to 12 diamonds sold for more than $1.0 million each, generating $26.6 million of revenue, the previous half.
Meanwhile, the company produced 43 275 carats during the period under review, which was 24% weaker compared to 57 306 carats recovered during the second half of 2019. 
Letšeng returned to its standard treatment capacity during the second quarter of the year after temporarily suspending operations for 30 days in line with the Lesotho government's regulations to curb the spread of the Covid-19 virus.

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