MIUZ Diamonds - diamonds with a century of history

Moscow Jewellery Factory (MIUZ) has always been famous for its craftsmen winning prizes and obtaining the diplomas of “the best enterprise in the jewellery trade”. One of the oldest factories in Russia has two interesting news: about its recent...

21 june 2021

Lab-grown diamonds and jewellery are the future, says Liu

As the founder of the Diamond Little Star® brand, Liu Jiangjiang is actively involved in various business activities. He founded the Lab Grown Diamond Research Centre and the Lab Grown Diamond Club in China. At the same time, he is also the General Counsel...

14 june 2021

Pandora’s endorsement of lab-grown stones will not devalue natural diamonds – Zimnisky

Jewellery retailer Pandora recently announced that it will no longer purchase natural diamonds as it had switched to lab-grown diamonds. However, diamond market analyst Paul Zimnisky told Rough&Polished’s Mathew Nyaungwa in an exclusive interview that...

07 june 2021

“The volume of Forevermark diamonds that we drive through Indian partners is much higher than in other parts of the world,” says Sachin Jain

Sachin Jain has been a part of the Indian arm of De Beers that dates back to 2010 when he came on board as Head of Retail. In year 2014 he took over as President of Forevermark and today he is the Managing Director of De Beers, India. His single-minded...

31 may 2021

GSI's new Jaipur office to specialize in colored gemstones

Gemological Science International (GSI) has opened a new laboratory in Jaipur, India. Since this state is the capital of colored gemstones, the laboratory will have a dedicated division specializing in colored gemstone geographical origin and...

24 may 2021

Petra Diamonds not completely out of the woods?

23 february 2021
Image credit: Petra Diamonds

Petra Diamonds says despite a successful restructuring, its forecasts remain sensitive to trading conditions and the impact of COVID-19 may further have a material impact on the group's ability to operate within its covenants.
It said additional funding may be required if South African lender group support fail.
Petra said the support of its noteholders, lenders and shareholders had allowed the group to progress the restructuring of its balance sheet, which is expected to be completed in early March.  
This, it said, is a significant milestone and has not only put Petra on a sustainable footing going forward, but it would also allow the group to focus on optimising the value of its diversified asset base.
Petra said although adequate liquidity was maintained in the first half of the fiscal year 2021, results of the stress testing indicate that in the event of deferral to the tenders or a combination of scenarios such as sustained reduced pricing and production disruption, possible covenant breaches associated with the South African banking facilities may occur in December 2021 and June 2022. 
"Whilst reasonably available mitigating actions, which include cost savings and capital deferrals, are foreseen to address the risk of such a covenant breach, the delivery of such mitigating actions remains uncertain," it said.
"In the event of a breach of covenant, the company would be dependent on the South African lender group continuing to make the facilities available and under certain of the scenarios there would be insufficient liquidity to settle the outstanding South African lender group facilities if required."
"Whilst the South African lender group has indicated its support in recent discussions and ongoing dialogue with the South African lender group will be important during this period, there can be no guarantee that the facilities would continue to remain available in the event of a covenant breach."

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