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

African Diamonds to Develop AK6 Mine at One-Third the Cost

16 december 2009

African Diamonds is planning to build the AK6 mine in Botswana at one-third of the cost that former partner De Beers would have devoted to its construction, RAPAPORT reported. The company, which owns 30 percent of the mine, with new partner Lucara Diamond Corporation holding the remainder, said it can build the mine for $88 million, compared with the De Beers budget of $300 million.
"Our mine will not have the glitz and glamour of the De Beers proposal, but it will work," said John Teeling, the chairman of African Diamonds. "It will be a Toyota, not a Rolls Royce."
De Beers sold its 70 percent stake in Boteti Exploration, which is developing AK6, to Lucara in November for $49 million in a deal negotiated by African Diamonds. Teeling explained that African Diamonds would have preferred to acquire the entire mine itself, but the necessary funds were not available in 2009. Having generated no sale revenues for the year that ended July 30, 2009, African Diamonds reported on Tuesday that its net loss for the year had expanded 30 percent to $1.1 million.
"Finding Lucara was the result of a focused search for a suitable partner," Teeling said. "Lucara bought out De Beers on the basis of figures produced by African Diamonds." These, he added, were based on the net present value of the project provided by De Beers.
African Diamonds said it plans to develop AK6 in 2010, so that the mine can come on line the following year, producing 400,000 carats that year. At full capacity, its production will rise to 1 million carats a year.
Teeling explained that the mine has the potential to generate significant profits, given Botswana's low operating costs, scaled-down capital cost and distribution of large stones, as well as the presence of the rare and valuable type II diamonds at the site.
"AK6 will be developed as quickly and efficiently as possible to the benefit of all stakeholders, at a time when there is recovering confidence and growing demand" he added.
African Diamonds also has the option of raising its stake in AK6 to 40 percent.