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

Gemfields’ MRM to build second processing plant

08 august 2023

Montepuez Ruby Mining (MRM), which is 75%-owned by Gemfields, has entered into a legally binding agreement with Consulmet to construct an additional processing unit at its ruby mine in Mozambique.

It said that the addition of the second plant will triple MRM's processing capacity from the current 200 tonnes per hour to 600 tonnes per hour, allowing it to process its substantial stockpile, bring additional size and colour variations of rubies to market, and evaluate as well as expand into additional mining areas.

The new processing facility is anticipated to go live in the first half of 2025.

"This is the single largest investment the Gemfields Group has ever made, and it demonstrates our ongoing commitment to the province of Cabo Delgado, to Mozambique, and to our local communities, for whom the creation of new jobs and economic growth are crucial," said MRM general manager Prahalad Kumar Singh.

Gemfields said the deal is a "lump-sum turnkey contract" based on International Federation of Consulting Engineers principles, with MRM's payment responsibilities agreed upon in South African Rands and totalling around $70 million.

At least 30% of this cost will be reimbursed in 2023, 60% in 2024, and the remaining in 2025.

In addition, MRM anticipates a moderate expansion of its mining fleet through 2025, followed by a significant increase in capacity in 2026.

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