Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future

Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...

28 october 2024

Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki

The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...

14 october 2024

James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration

London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...

07 october 2024

Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products

Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...

30 september 2024

Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices

The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...

23 september 2024

Petra Diamonds more than doubles adjusted EBITDA

14 september 2022
Petra Diamonds’ adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 103% to $264.9 million for the year ended 30 June 2022 from the previous year’s 130.2 million, reflecting positive operational leverage from its revenue growth and improved efficiencies from Project 2022.
Its revenue rose 44% to $585 million during the period under review compared to 406.9 million, a year earlier.
The increase in revenue from rough diamond sales was driven by a 41.5% growth in year-on-year like-for-like prices and the contribution from the sale of a record number of exceptional stones of $89.1 million.
Project 2022, which was announced in 2019, seeks to improve throughput at the company’s operations, cost efficiencies and strategic sourcing.
“We have created a business improvement function to ensure that the systems and processes developed as part of Project 2022, which concluded this year, will continue to deliver benefits and seek out further improvement opportunities,” it said.
Meanwhile, Petra said its production increased 3% to 3,353,670 carats, largely owing to the resumption of mining at the Williamson mine in Tanzania.
The mine recommenced operations in August 2021 following 17 months of care and maintenance. 
“Williamson ore is lower grade in comparison to our South African mines and this translated into a 3% increase in diamonds recovered, within our guidance range,” said Petra.

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