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

Exchange rate mismatch costs Zim miners – report

28 october 2021
Mining companies operating in Zimbabwe are losing 20% of their export earnings due to the exchange rate mismatch, according to media reports citing a survey commissioned by the country’s chamber of mines.
The gap between the official and black-market currency exchange rates had been widening with the Zimbabwe dollar trading at 93 to the United States dollar on the official market and 180 on the parallel market.
Exporters from Zimbabwe are required to surrender 40% of their foreign currency earnings to the central bank, in exchange for local currency at the official rate.
“Almost all respondents indicated that the value of the surrender portion that is liquidated into local currency at the official auction-rate has been significantly eroded on the back of the parallel market rate which is used for pricing goods and services by local suppliers,” Reuters cited the report as saying.
“Respondents highlighted that the exchange rate disparities have resulted in mining companies losing 20% of gross export proceeds.”
Meanwhile, central bank governor John Mangudya, who addressed miners at the launch of the report, said they are expecting to earn $4.4 billion from mineral exports this year compared to $3.65 billion last year, with platinum group metals and gold accounting for 82% of the earnings.
He also said the miners would be allowed to retain 80% of their export earnings if they boost production. 

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