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

Petra Diamonds gets new revolving credit from IFC

05 july 2012

Petra Diamonds’ wholly owned subsidiary Finsch Diamond Mine (Pty) Limited has entered into a revolving credit facility agreement with IFC, an investment arm of the World Bank that will see it receiving $25 million.
The new facility had been put in place in addition to Rand Merchant Bank’s R300 million ($36.9 million) revolving credit facility.
Petra said in a statement emailed to Rough&Polished that on completion of the IFC agreement, the R300 million RMB facility would be reduced to R200 million ($24.6 million), so that the lenders would together provide about $49.6 million in revolving credit facilities to the miner.
"We are delighted to have entered into further credit facilities with IFC, whose continued support endorses the quality of our asset base, as well as our strong commitment to corporate social responsibility,” said Petra chief executive Johan Dippenaar.
“These combined IFC and RMB facilities further strengthen Petra’s financial position and the company’s ability to deliver on its core objective of rolling out its stated expansion plans and ramping up production to over 5 million carats per annum by 2019."
Meanwhile, Petra said it had also commenced discussions with its bankers with regards to the longer term restructure of its debt requirements.
“It is an opportune time to revisit the Group’s debt levels, terms and structure, given that Finsch was not part of the Group when the original debt financing was put in place in 2010 and given the other positive Group developments since this time,” Petra said.

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