GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

Yesterday

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

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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

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23 august 2021

Diamcor revenue plateaus despite challenges

19 october 2020
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Image credit: 11754907  (Pixabay)

Diamcor Mining, which owns the Krone-Endora at Venetia project, in South Africa says it earned about $3,03 million in revenue as of March 31, 2020, which is consistent with revenues of $3,03 million realised during the prior fiscal year.
It said the results were achieved despite various issues throughout the year in reaching desired processing volumes due to contract equipment reliability issues, and the limitations imposed on operations at the end of the fiscal year due to the South African government imposed lockdown. 
Diamcor said it ralised a lower average price per carat of $115, as compared to an average price per carat of $225 recorded in the previous year. 
This significantly lower average dollar per carat during the current year was expected, and a direct result of the processing of tailings material to support the evaluation efforts being undertaken by the project’s new operational team to identify processing plant and final recovery efficiencies.
The company’s net loss narrowed to about C$3,6 million in the year ended March 31, 2020 as compared to a net loss of C$3,9 million for the year ended March 31, 2019. 
It recorded a negative cash flow from operating activities of C$1,2 million compared to negative cash flow from operating activities of C$3 million for the previous year ended.
Meanwhile, the ongoing trial mining exercises to March 31, 2020 resulted in the incidental recovery and sale of 154,204 carats of rough diamonds generating revenue of $25,7 million or at an average price of $166.72 per carat.
The average price was lower than historical results due to the lower value of rough diamonds recovered from tailings retreatment exercises in 2019.

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