Part 2: KPCSC wants Russia to help end impasse on new definition of conflict diamonds

In the first installment of this two-part exclusive interview with Shamiso Mtisi, the coordinator of the Kimberley Process Civil Society Coalition (KPCSC), we focused on illegal diamond mining in the continent and where the contraband ends up...

25 october 2021

Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

18 october 2021

The jewelry industry in Russia needs to be upgraded in a serious way

Dina Nasyrova is a vice-president of the International Jewelry Exhibition-Congress J-1 recently hosted by the Atrium of Gostiny Dvor in Moscow. As a partner and the Muse of the famous jeweler Ilgiz Fazulzyanov, she actively participated in the preparation...

11 october 2021

Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

Zulu Ghevriya, the CEO and Co-Founder of Smiling Rocks, Founder of Vedantti Jewellery and Managing Director of Prism Group has been in the diamond and jewellery industry for over 20 years. Zulu started his business, Prism Group, as a natural diamond...

04 october 2021

Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

27 september 2021

Petra cuts net debt to $228.2 mln

13 october 2021
Petra Diamonds has reduced its net debt by about two thirds to $228.2 million as of 30 June 2021 from $693.2 million a year earlier due to the completed capital restructuring programme coupled with the sale of several exceptional blue and white diamonds from the Cullinan mine in South Africa.
Company chief executive Richard Duffy said they now have a more stable capital structure, considerably reduced debt obligations and greater liquidity.
“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,” he said.
Duffy said record production at Cullinan, driven by Project 2022 throughput initiatives, among other factors, resulted in a 65% improvement in revenue to $402.3 million and contributed to operational free cash flow of $120.1 million for the financial year 2021.
Although the company recorded lower production for the year due to challenges at both Finsch and Koffiefontein, the volume of diamonds sold increased 51% to about 4 million carats from 2,6 million carats in the financial year 2020.
The increase was due to an improvement in market conditions, with rough diamond pricing realised by Petra increasing by about 9% for the year and the easing of certain COVID-19 related restrictions, which allowed for a higher volume of sales to take place, including the release of inventory held over from the prior year.

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