GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

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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

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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

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23 august 2021

Gem Diamonds more than doubles 2011 profit

23 march 2012

Gem Diamonds reported a pretax profit of $155.7 million for the year ended December 2011, compared with $54.5 million a year earlier.
The company attributed the increase in profits to strong diamond prices in the first half of the year and a growth in production at its Letseng mine, in Lesotho.
Gem’s revenues also leaped 49 percent year on year to $395.6 million.
The first half of 2011 saw the strong growth in rough diamond prices continue following a robust recovery in prices during the fourth quarter of 2010, it said.
However, the deepening financial crisis in the Eurozone and tightened liquidity of the lending banks resulted in a sharp fall in rough diamond prices at the end of the third quarter of 2011, as the market corrected, with prices across the sector dropping by about 30 percent to 35 percent as a result.
Gem said it was expanding the Letseng mine to double its production capacity by 2014.
“The $280 million expansion project at Letšeng will confirm its position as the world’s leading producer of high quality diamonds,” said chief executive Clifford Elphick in a statement emailed to Rough & Polished.
Letseng production rose 24 percent to 112,367 carats in the period, while Australia’s Ellendale faced a challenging first half of 2011 due to an unusually long rainy season.
Ghaghoo mine was still under development in Botswana and was expected to be in production in 2013.
"We continue to see strong demand for our high quality diamonds from both developed and emerging markets, despite the backdrop of challenging times for the global economy," Elphick said.

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