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...

Yesterday

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

Petra Diamonds nearly doubles Q1 revenue

26 october 2021
Petra Diamonds’ revenue was up 48% to $114.9 million in the first quarter of the fiscal year 2022 compared with $77.7 million, a year earlier driven by proceeds from the sale of exceptional stones during the quarter totalling $50.2 million.
It said the first-quarter revenue also benefited from realised diamond prices on a like-for-like basis rising about 3% compared to the fourth-quarter fiscal year 2021.
“The company has delivered a very strong revenue result due to the contribution of exceptional stone sales, supported by the continued strength in the diamond market,” said Petra chief executive Richard Duffy.
However, year-on-year production down 12% to 861,991 carats in the first quarter from 974,346 carats, due to planned decreases in tonnages and grade as part of the strategy to mitigate the waste ingress at the Finsch mine in South Africa.
Production rose 8% compared to 794,952 carats in the fourth quarter of the fiscal year 2021.
The increase, it said, follows steps to address the impact of waste ingress at the Finsch mine in South Africa.
Petra said its fiscal year 2022 production guidance is between 3.1 million carats and 3.4 million carats.
It said the re-engineering projects at Finsch and Koffiefontein initiated in July 2021 continue and the company will provide further information on these projects in February 2022.

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