Sourcing of rough in India through online tender system helpful amid COVID situation

Dinesh Navadiya, the Regional Chairman (Gujarat Region) of The Gems & Jewellery Export Promotion Council (GJEPC) of India has been appointed the President of The Southern Gujarat Chamber of Commerce & Industry (SGCCI). He is also...

30 november 2020

Cultivating demand for natural diamonds

CIBJO, the international jewellery confederation, hosted a webinar last month on cultivating demand for natural diamonds. CIBJO had been holding a series of webinars on the impact of the COVID-19 pandemic. The webinar examined ways to cultivate demand...

23 november 2020

Deljanin and Simic: We do not think laboratory diamonds are threat to natural diamonds

Gem and jewelry industry experts Branko Deljanin and Dusan Simic have completed the 3rd edition of their best-selling book, Laboratory-Grown Diamonds - Information guide to HPHT and CVD-grown diamonds. Deljanin and Simic are diamond researchers with...

16 november 2020

Kapu Gems: Limited diamond manufacturing increases demand

After completing the commerce degree B. Com, Kalpesh D. Vaghani ventured into the family business. His understanding of the market, diamond intricacies and the global standards technology utilization helped him create a niche for himself. An entrepreneur...

02 november 2020

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...

26 october 2020

Petra Diamonds makes steps towards restructuring

19 november 2020
Image credit: Petra Diamonds

Petra Diamonds has executed a lock-up agreement with an ad-hoc group of holders of the $650 million 7.25% senior secured second-lien notes.
The agreement formalises the agreement reached in principle regarding a long-term solution for the recapitalisation of the group.
"The execution of the lock-up agreement marks a positive step forward in the implementation of the Restructuring," it said.
"Pursuant to the terms of the lock-up agreement, the parties have undertaken to take all actions reasonably necessary in order to implement the restructuring and to not delay or prevent the implementation of the restructuring."
Key features of the restructuring include a partial reinstatement of the notes debt and the contribution by holders of the existing notes of $30 million in new money, each to take the form of new senior secured second-lien notes.
It is expected that the new notes will amount to about $337 million.
The restructuring will also see the conversion of the remainder of the notes debt into equity, which will result in the noteholders holding 91% of the enlarged share capital of Petra.
The implementation of the restructuring remains subject to the agreement of customary implementation documentation and the satisfaction of relevant conditions precedent. 
Such conditions include approval of the company's shareholders and of the scheme by the noteholders and the sanctioning of the same by the court.

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