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

Namakwa Diamonds in $55 mln cash call to clear debts

08 june 2012

Namakwa Diamonds has announced plans to raise $55 million through the issue of new shares to repay debts and provide working capital to complete the first production phase at the Kao mine, in Lesotho.
It said in a statement that repaying debts now would avoid punitive interest rates and financial covenants.
"During the first half of this year, we have been focused on ramping up production at the Kao Mine to achieve a positive cash flow in the fourth quarter of this year,” said chief executive Richard Collocott in a statement.
“I am happy to report that current trading is in line with our expectations. However, it has become increasingly apparent that the financial performance and position of the group depends on the repayment of existing loans.”  
Namakwa’s largest shareholder Jarvine (32.39 percent) had agreed to subscribe for all of the shares if the other qualifying shareholders do not subscribe for their entitlement.
Qualifying shareholders will be entitled to subscribe for 60 new shares for every 23 shares held.
Jarvine would own over 80 per cent of Namakwa’s capital if it bought all the open offer shares.
In total, $45.46 million of debt will be repaid.

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