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...

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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

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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

Gem Diamonds reduces net debt to $5.5m

04 september 2020
Gem Diamonds reduced its net debt position by $4.7 million to $5.5 million during the first half of the year as a result of positive cash generation.
The company had cash on hand of $17.5 million at 30 June 2020 compared with $13.8 million, the previous year. 
Its revenue for the period under review was $69.5 million compared with $91.3 million, a year earlier.
The decreased revenue was mainly driven by lower sales volumes combined with deferring the sale of the small diamonds to September 2020. 
Gem said the lower sales volumes were a direct result of the loss of production due to the temporary suspension of operations at Letšeng as a result of COVID-19.
“Letšeng delivered satisfactory operational results notwithstanding the imposed shutdown of 30 days during the Period to curb the spread of COVID-19,” said Gem Diamonds chief executive Clifford Elphick. “The frequency of large diamonds recovered improved in all size categories greater than 10.8 carats when compared to the previous period.”
He said the sales results during the period demonstrated the continued demand for Letšeng’s high quality diamonds, achieving an average price of $1 707 per carat compared to $1 697 per carat, a year earlier.
Meanwhile, the group recovered 43 275 carats, a decrease of 23.6% from 56, 668 carats produced in the first half of 2019.
The drop in output was mainly as a result of no tonnes being treated during the shutdown period and reduced tonnes during the ramp-up phase. 

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