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

Zim steps up efforts to get its diamond dividends, miners cry foul

20 october 2014
The Reserve Bank of Zimbabwe (RBZ) is said to have asked local banks to deduct 15 percent “special” dividends from the country’s gross diamond sales. The Herald newspaper reports that the deductions would be backdated to April this year in line with the provisions of the 2014 Finance Act.
The Act was signed into law last April. However, this did not go down well with the diamond miners, as they argued that this would cripple their operations. The miners said they already pay more taxes and royalties to Harare and other shareholders.
Officials told the daily that they would end up having over 50 percent of gross sales going to taxes, inclusive of royalties, management and depletion fees, with corporate tax taking about 25 percent at the end of each year.
"Already we have royalties at 15 percent as well before looking at other costs which leaves me with nothing at Marange Resources," the company's acting chief executive officer Mark Mabhudhu was quoted as saying. "The instruction is already at the banks, which means whatever money gets into our account almost all of it will go to government.”
He said the diamond miners had asked Harare to spare them from all government-related obligations until they “cross the bridge because the Belgium issue has affected us seriously”.
Diamonds worth about $45 million were seized last month in Belgium by a South African platinum company, Amari, over a failed deal and also by a group of Dutch farmers who want compensation for losing their farms through the country’s land reform. Ruling on the matter was still pending.

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