Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

Yesterday

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

Petra sells 50% of its stake in Williamson Diamonds

01 june 2023
Petra Diamonds has executed definitive transaction documents that put into effect the non-binding memorandum of understanding (MOU) it signed with Caspian, also known as Taifa Mining, to sell 50% of its holding in Williamson Diamonds Limited (WDL) and a prorated portion of shareholder loans for a total consideration of $15 million.
WDL is the operator of the Williamson Mine and is currently 25%-owned by the government of Tanzania, while the remaining 75% stake is owned by Petra.
The diamond miner said it entered into the transaction documents with Pink Diamonds, a company nominated by Taifa. 
Taifa remains the long-term technical services contractor at the Williamson Mine.
It said the payment of the $15 million purchase price will be satisfied through payments owed by WDL to Taifa for past technical services.
The payments will be received by Petra in instalments over the next five years.
Petra entered into a framework agreement with the government of Tanzania in December 2021, in which it was agreed that the former's effective interest in WDL would decrease to 63%, with the government’s interest increasing to 37%.
Upon completion of the agreement, Petra and Pink Diamonds will each indirectly hold an effective 31.5% interest in WDL, with Petra retaining a controlling interest.
Petra said it intends to use the $15 million proceeds from the transaction to continue strengthening its balance sheet. 
"Our partnership with Taifa places Williamson on a stronger basis for the future. This new structure will reduce our equity interest in WDL, limiting our exposure in line with our stated objectives whilst retaining control and maintaining a share of the upside,” said Petra chief executive Richard Duffy.
“Williamson holds a unique place in the sector with its significant resource base and ability to produce high-quality pink diamonds. In a supply-constrained sector, this asset has the potential to become increasingly valuable.”
The book value of WDL's gross assets was $140.5 million as of June 30, 2022, with WDL recognising a profit before tax of $41.1 million in the financial year 2022.

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