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.

11 april 2024

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

Cutting, polishing agreement with Safdico grows Lucapa margins

27 june 2023

Lucapa Diamond's collaboration with high-end diamantaire Safdico International, a Graff subsidiary, is assisting the firm in increasing margins at its Lulo and Mothae mines in Angola and Lesotho, respectively.

As a preferred customer of the company’s 40%-owned Sociedade Mineira Do Lulo (SML), Safdico is eligible to purchase up to 60% of Lulo's yearly rough production.

Lucapa managing director Stephen Wetherall told Rough & Polished in an exclusive interview to be published shortly, that the cooperation with Safdico provides an additional financial margin of roughly 28% on Lulo diamonds and 25% on Mothae diamonds.

“Our initiatives have resulted in very good additional earnings coming through and assisting the EBITDA and in effect for the very first time we going to be splitting out the component of cutting and polishing in terms of what it contributes on a per carat basis or per period basis in our communication in July for the second quarter,” he said.

Wetherall, on the other hand, stated that while the cutting and polishing component provides good extra revenue, their concentration is on ensuring that the mines are incredibly lucrative on a raw basis "because that's what makes them tick."

“The value of creative initiatives and cutting and polishing and branding, going forward, is additional cream or cherries on the cake that we want to keep at it and we believe it's got a strong future to play in our strategy,” he said.

In 2022, Lulo gained an extra $1.4 million in profits from cutting and polishing activities. During the same period, Mothae earned $800,000 in margins from cutting and polishing activities.

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