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...


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 reduces net debt to $208mln

27 october 2021
Petra Diamonds has reduced its consolidated net debt to $207.6 million as of 30 September 2021, from $228.2 million at the end of June 2021.
The company’s debt was $692.3 million as of 30 September 2020.
Petra said since the launch of its Project 2022, which commenced in July 2019, a standardised business improvement process has become part of the company’s operating model.
“It is used not only to improve throughput and reduce costs but to also generate improvements in other key areas of the business such as safety,” the company said.
“Through a process of idea generation, various ideas were selected and implemented as closely monitored projects with the objective of improving throughput at all of the company’s operations, and to optimise operating and capital expenditure across the group.”
Petra said annualised operating cashflow benefits of about $70 million are expected to be delivered through the Project 2022 initiatives and are expected to result in the group meeting its $100 million to $150 million net free cash flow target by the end of June 2022.

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