Platinum’s rare nature gives it additional value and appeal

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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...

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

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Lucara posts ‘strong’ 2013 full year results

24 february 2014

Lucara Diamond has reported “strong” full year revenue of $180.5 million from diamond sales that achieved an average price of $411 per carat at operating expenses of $100 per carat.
Company chief executive William Lamb said  in a statement the company exceeded its initial revenue guidance of $90 million by approximately $20 million, not including sales received from its’ exceptional stone tenders, achieving robust margins.
“Additional revenues of approximately $72 million, generated from the sale of our large and exceptional stones has further, significantly strengthened our balance sheet,” he said. 
The company achieved a full year cash operating margin of $311 per carat based on operating expenses of $100 per carat.
Full year operating cost per tonne milled was $18 compared to budget of $23 per tonne, it said. 
At year end, Lucara said, it was well positioned for 2014 with a significant diamond inventory of approximately 67,000 carats of diamond, including a selection of exceptional stones totalling over 1,000 carats. 
Meanwhile, Lamb said Lucara would this year continue to focus on operational excellence, cost discipline, and the completion of its plant optimisation project, which is designed to enhance the recoverability of large diamonds from Karowe mine in Botswana.

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