“In the jewellery art, we express our feelings, emotions and share them with others”

Over 30 years, the MOISEIKIN company based in the Ural area has become a famous jewellery brand. The jewellery and souvenirs of this jewellery house made of precious and semi- precious stones and metals are displayed at museums and in private collections...

20 march 2023

Automatic double upgrade of diamonds is not only a questionable practice but could be systemic fraud – Meeus

HRD Antwerp is under investigation by Belgian authorities following allegations that for every Gemological Institute of America (GIA) stone, which entered their lab for certification an automatic upgrade would be given two colours up and one...

13 march 2023

"At House of Ashish Vijay, diamonds and coloured gemstones will only ever mean stones that carry a storied legacy"

Ashish Vijay, a Dubai-based investor, philanthropist, entrepreneur and businessman with decades of experience in the precious gemstone and luxury jewellery industry, finance and investments sectors, set up his business in Dubai in the year 2013. As the...

06 march 2023

KP should remodel its enforcement, accountability mechanisms if it wants to remain relevant - Fula-Ngenge

The African Diamond Council (ADC) is calling on the Kimberley Process (KP) to remodel its enforcement and accountability mechanisms if it wants to remain relevant and effective. ADC chairperson M’zée Fula-Ngenge told Rough&Polished’s...

27 february 2023

Why ODC is taking longer to sell the polished Okavango blue diamond?

Okavango Diamond Company (ODC), a rough diamond marketing company that is wholly owned by the Botswana government, took an extraordinary decision to polish the 20.46-carat Okavango blue diamond recovered at Debswana’s Orapa Mine in 2018. It was...

20 february 2023

Gem Diamonds reports underlying EBITDA of almost $44m in 2022

17 march 2023
Gem Diamonds, which owns 70% of the Letšeng mine in Lesotho recorded underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $43.7 million in the year ended 31 December 2022 compared to $57.4 million in 2021.
This follows a drop in revenue during the same period to $188.9 million from $201.9 million in 2021.
Gem viewed its financial performance as “solid” in the face of the volatile global economic environment following the conflict between Russia and Ukraine, which caused high diesel prices, inflation and interest rates.
The consumption of diesel was further increased by the grid electricity interruption due to power cuts by the national power utility Eskom. 
According to Gem Diamonds chief executive Clifford Elphick, Gem has delivered solid operational and financial results in light of the challenges brought about by the conflict between Russia and Ukraine.
“This directly impacted our operating costs, in particular diesel prices, and interrupted supply chains. This was exacerbated by the increased Eskom load shedding which caused an increase in the use of diesel-powered generators.”
Meanwhile, the group produced 106 704 carats in 2022 compared to 115 336 carats in 2021.

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