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

At least ‘$1 bln’ in Zim potential diamond revenue being ‘salted away’ every year - report

02 june 2014

At least “$1 billion” in potential revenue due to the cash-strapped Zimbabwean government is being “salted away” every year, a local weekly newspaper has claimed.
The Financial Gazette reports that this was likely due to the fact that those entrusted to manage the diamond resource had either failed in their stewardship role, or were colluding with shadowy dealers to avoid paying taxes to the State.
The weekly cited leaked confidential reports by the Zimbabwe Revenue Authority (ZIMRA), which exposed a sharp decline in taxes and fees due to the Treasury despite strong growth in production levels and output.
The report alleged that disparities between government’s revenue projections from diamond mines and actual remittances hit $555 million in 2012, while the Treasury received nothing out of the $61 million originally earmarked last year from Marange diamond fields.
The alleged leakages were said to be taking place at a time when miners had ramped up output.
Output from diamond mines rose by over 500 percent to over 12 million carats in 2012, from about 1.3 million carats in 2009, the paper claimed.
“Revenues from the sector were expected to track the robustly growing output, but they have headed southwards. ZIMRA statistics indicate that royalties from diamonds retreated by $12 million to $22.5 million in 2011, from $34 million in 2010,” reads part of the report.
“There was a sudden upsurge in 2012 after government reviewed royalty rates upwards cutting across all minerals in 2012. Government failed to collect a single penny in corporate tax from diamond mines in 2009.
“This means the entire diamonds industry with four mines at the time, could have declared losses when globally, similar operations were profitable when globally, similar operations were profitable.”

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