Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

Firestone Diamonds' FY Revenues +22%

16 november 2009

Firestone Diamonds reported that its revenues rose 22 percent to $6.6 million (GBP 4 million) during its fiscal year that ended June 30, 2009. The company's revenue was positively impacted by an early project termination payment from De Beers, related to the Bonte Koe toll treatment project in South Africa, RAPAPORT reported. Firestone's operating losses grew to $17.6 million (GBP 10.6 million) from $172,330 and its net loss grew to $18.2 million (GBP 11 million) from $393,000. Its inventory fell 91 percent to $48,000.
During the fiscal year, Firestone Diamonds learned that its BK11 project in the Orapa area of Botswana could produce annual revenues of more than $20 million at operating margins in excess of 50 percent. BK11 could be brought into production as early as mid-year 2010 and evaluation work conducted at the nearby BK16 project reveals similar potential there, as well.
In February 2009, the company was selected by Debswana to design, construct and operate a toll tailings plant at the Jwaneng Mine in Botswana, but contract negotiations were delayed. Now, however, the contracts could be wrapped up during the first quarter of 2010.
Firestone Diamonds concluded that due to the challenging nature of the business, given the current economic climate, exploration companies will not remain independent due to the continued scarcity of both debt and equity finance. Nonetheless, Firestone did raise $11.9 million (GBP 7.2 million) right at the beginning of its fiscal year in July to further fund the development of commercial mining for BK11.
The junior miner also observed that rough diamond prices fell by half during the fourth quarter of 2008, which caused substantial drops in trading activity. Prices have since increased by 30 percent.
"Wholesale prices for polished diamonds fell by about 20 percent over the same period, reflecting a drop in retail demand in the major diamond jewelry markets and running down of inventories," according to the company's circular. For the long term, Firestone Diamonds remains positive in its outlook due to the projected "significant long-term shortfall in supply" and because "diamond prices will continue to increase as the global economy recovers from recession."