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

Ghana defends takeover of diamond company

25 september 2020
news_25092020_ghana.png
Image credit: GCDGL


The Ghanian government has defended its decision to take over the Great Consolidated Diamonds Ghana Limited (GCDGL) from a local private investor, Jospong Group of Companies.
Jospong, which took over then Ghana Consolidated Diamond Company (GCD) in 2011 under a privatisation deal and renamed it GCDGL, had agreed to invest $100 million over five years to produce 1-million carats every year over the period.
Director-General of the State Interests and Governance Authority (SIGA), Stephen Asamoah Boateng, was quoted by Ghanaweb as saying that Jospong had only paid $3.8 million.
“The fact that you are Ghanaian company does not mean that if you are not performing we should leave you to destroy [the agreement],” said Boateng.
He said GCDGL may soon go public.
“We are not selling, we are going public…going on the Ghana Stock Exchange is an option,” said Boateng.
“We have been given a number of options and those options have been put before Cabinet. Until [a decision is taken] the details I will reserve for now.”
Jospong has approached the court to challenge the takeover.

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