Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

Mountain Province to ask shareholders’ approval on steps taken to strengthen company’s finances

20 august 2020
Mountain Province Diamonds Inc. intends to hold a special meeting of shareholders on September 29, 2020. The Special Meeting is being called to enable the Company's shareholders to approve two related party transactions that will significantly strengthen the Company's financial position as it responds to the challenges posed by the COVID-19 pandemic.
At the Special Meeting, the Company will seek approval for the assignment from the existing lenders to Dermot Desmond, or a related company, of the Company's indebtedness of $25,000,000 under its senior secured revolving credit facility.
The Company will also seek approval at the Special Meeting for an increase from $50,000,000 to $100,000,000 in the sales capacity under the previously announced diamond sales agreement between the Company, certain of its subsidiaries and Dunebridge Worldwide Ltd. This will allow the Company to continue selling its run of mine diamonds at the prevailing market price, and potentially share in the future upside should the traditional sales channels for rough diamonds remain closed or subdued. Dunebridge is controlled by Dermot Desmond, an insider and related party of Mountain Province.
Stuart Brown, the Company's President and CEO, commented: "The impact of the COVID-19 pandemic on the diamond industry and, in turn the Company has been profound. The support shown by Desmond and the subsequent finalisation of the Transactions will be a substantial positive step in stabilising the Company and brings more certainty to its future. In particular, the US$50,000,000 increase of the sales agreement allows the Company the flexibility to sell its diamonds under the agreement or through the traditional sales channels as they begin to open after the summer holidays."

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