Chris Del Gatto: “We provide capital to smart companies”

Chris Del Gatto, CEO & Co-Founder of DELGATTO Diamond Finance Fund L.P., a New York-based non-bank lender to the diamond and jewelry industry, started his career as a diamond cutter when he was just 17. In his early 20’s, Chris went on to co-found a...

26 october 2020

Lunhianga Project: "The forecasts for this year point to the production of about 100 thousand carats of diamonds"

Advanced information, by the coordinator of Endiama’s Lunhinga Project Management Committee, Adérito Gaspar, points to a drop in production due to the pandemic, but with good prospects in view of the potential of the kimberlites of Camatchia, in production...

19 october 2020

Crisis is the way to development

Maria Krasnova belongs to the second generation of the St. Petersburg jewellers. She is a daughter of Pavel Sokolov, the founder of ‘Samotsvety ot Sokolova’ (Gems by Sokolov), a jeweller and expert gemologist famous for his collection of unique...

12 october 2020

Gaetano Cavalieri: Diamond producers no longer insisting that clients purchase what they are offered

Dr. Gaetano Cavalieri has served for the past 19 years as president of CIBJO, the World Jewellery Confederation. Uniting national jewellery and gemstone associations from more than 40 countries, including Russia, and many of the industry’s major corporations...

05 october 2020

Worth of gold and diamonds

Initiatives in Arts and Culture and De Beers recently co-hosted a webinar on the worth of gold and diamonds. The webinar, which was moderated by Mickey Alam Khan, the founder and editor of Luxury Daily, featured Jeffrey Christian, founder and managing...

28 september 2020

Namdia profit plunges 41%

16 september 2020
news_16092020_namdia.png
Image credit: Namdia


Namibian state-owned Namib Desert Diamonds (Namdia) says its profit after-tax eased 41% to N$95.2 million in the financial year ended 31 March 2020 compared with N$161.9 million, a year earlier.
The profit before tax was N$150.1 million.
Namdia paid N$62.9 million in taxes to the Ministry of Finance and declared a dividend of $80 million to the Namibian government.  Company chief executive Kennedy Hamutenya said in a statement accompanying the company’s 2019 financial results that NAMDIA conducted 10 sales totalling 253,073.37 carats for an average price of $528.64 per carat.
“In the last quarter of the financial year, in mid-January 2020, the diamond industry was profoundly, adversely impacted by the outbreak of COVID-19,” said Hamutenya. “The diamond centres worldwide closed and diamond trading declined sharply in February due to economic uncertainty surrounding the corona virus.”

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