Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

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

Lucapa returns to profitability

29 august 2023

Lucapa Diamond, which mines diamonds at its 40%-owned Lulo in Angola and its 70%-owned Mothae in Lesotho, reported a profit of $900,000 after tax in the first half of 2023, reversing a loss of $15.9 million in the corresponding period of the previous year.

It attributed the profit to the rising demand for diamonds and the successful operations of both mines.

The miner reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of $3.3 million for the half year from Mothae mine in Lesotho, which is an improvement from the $300,000 loss recorded in the prior-year half.

Improvements in revenue and decreases in operating expenses can be attributed to changes made to the facility in the first quarter.

It recorded an EBITDA of $6.1 million for the first half of the year at Lulo mine in Angola, down from $6.2 million in the same period last year.

Lulo, meanwhile, increased production by 18% to 15,367 carats in the first half, from 13,018 carats in the same period a year ago.

Diamonds of significant weight and worth were recovered throughout the first half of the year, including a 180-carat Type IIa white diamond in June (the third largest ever found at the mine), a 150-carat white Type IIa diamond in February, and a number of pink and yellow diamonds.

Mothae produced 15,560 carats in the first half, a decrease of 11% from the 17,493 carats produced in the first half of 2022.

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