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

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

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

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

Petra more than doubles FY 2021 revenue

Yesterday
Petra Diamonds’ revenue for the fiscal year (FY) 2021 rose 65% to $402.3 million compared to $243.3 million, a year earlier driven by sales from exceptional stones contributing $62 million during the year.
It said diamonds sold for the year increased 51% to 3,9 million carats from the previous year’s 2,6 million carats, excluding Williamson, while rough diamond prices realised by Petra increased by about 9% on a like for like basis.
Adjusted EBITDA increased 101% to $135.4 million compared with $67.3 million in 2020, representing an adjusted EBITDA margin of 34%, reflecting better overall pricing.
“The strong recovery in the diamond market towards the end of the financial year, that has continued into the current quarter, further bolstered our improved financial position,” said Petra chief executive Richard Duffy.
“Record production at Cullinan, driven by Project 2022 throughput initiatives, as well as the highest annual contribution to revenue from exceptional diamond sales, resulted in a 65% improvement in revenue to US$402.3 million and contributed to operational free cash flow of $120.1 million for FY 2021.”
 He said although the group production for the year was negatively impacted by production challenges at both Finsch and Koffiefontein, they are confident that the post-year-end re-engineering projects currently underway will lead to improved production and margins at both operations during the fiscal year 2022.
“We enter FY 2022 with some momentum from a considerably strengthened balance sheet, ongoing optimisation of our asset base and a positive outlook for the diamond market,” said Duffy.
“FY 2021 was a watershed year for Petra. Besides the challenges of the COVID-19 pandemic, we completed a capital restructuring which, together with the sale of several exceptional blue and white diamonds from the Cullinan mine, served to reduce consolidated net debt by around two thirds to $228.2 million.”

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