The indelicate balance of ethics against profit

I am slightly pained to write this blog, as over the years I've made many close friends and contacts in Switzerland, not to mention worked very closely with several Swiss-based companies as part of our recently launched DMCC Crypto Centre, including...

Today

Yakut diamonds, the symphony of permafrost

The Yakutia-based Kierge company, one of the Top 100 of the leading jewellery brands in Russia, opened its showroom in Moscow this autumn, which is gaining popularity in the capital of Russia. “Kierge” is the Yakut for a “finery, decoration” in a broad...

22 november 2021

Vladislav Zhdanov - “The use of diamonds in high technologies is the main and key target of the diamond synthesis technologies”

Vladislav Zhdanov, Professor at the Higher School of Economics, Advisor to Director General - Chairman of the Management Board of the Russian Railways company, and former Vice President of ALROSA (2015-2018). He is a physicist by background...

15 november 2021

Ali Pastorini: The white diamond is the equivalent of a white shirt for a woman

Ali Pastorini is the co-owner of Del Lima Jewelry and President of Mujeres Brillantes, an association that brings together more than 1,000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

08 november 2021

“As a purist and old school diamantaire, I don't believe in LGD,” says Vin Lee, CEO Grand Metropolitan

Vin Lee, the King of Luxury, doesn’t need any introduction. He is a self-made billionaire CEO of Grand Metropolitan. The Beverly Hills' family office Grand Metropolitan is $7 billion AUM privately-held luxury goods holding company with a 60-brand...

01 november 2021

Namdeb eyes extension of land-based operations to 2042

18 october 2021
Namdeb Diamond Corporation, a 50/50 joint venture between De Beers and the Namibian government, has approved a new long-term business plan that will extend the current life-of-mine of its land-based operations to 2042.
The land-based Namdeb operations would have come to the end of their life at the end of 2022 due to unsustainable economics.
De Beers said, however, a series of positive engagements between the Namdeb management team and Windhoek has allowed the creation of a mutually beneficial new business plan that extends the life of mine by up to 20 years.
The government of Namibia offered Namdeb royalty relief from 2021 to 2025, with the royalty rate during this period reducing from 10% to 5%.
This royalty relief, said De Beers, has, in turn, underpinned an economically sustainable future for Namdeb via a life of mine extension that, through the additional taxes, dividends and royalties from the extended life of mine, is forecast to generate an additional fiscal contribution of about N$40-billion for Namibia.
“This new business plan, forged by Namdeb management and enabled by the willingness of government to find a solution in the best interest of Namibia, means that Namdeb’s future is now secure and the company is positioned to continue making a significant contribution to the Namibian economy, the socio-economic development of the Oranjemund community and the lives of Namdeb employees," said De Beers chief executive Bruce Cleaver.
Namibia’s mines Minister Tom Alweendo said Namdeb mine’s closure at the end of 2022 would have had a serious impact on Namibia’s economy.
“Therefore, it was imperative to safeguard this operation for the benefit of sustaining the life of mine for both the national economy as well as preserving employment for our people and the livelihoods of families that depend on it,” he said.

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