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...

Yesterday

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

De Beers mulls five-year wage deal to avoid the ‘mother of all strikes’

12 september 2023

De Beers is currently in negotiations with the National Union of Mineworkers (NUM) to secure a five-year wage agreement to prevent any potential strike disruptions at its Venetia Mine as well as its sorting and sales operations in South Africa.

It said that wages are the only outstanding issue following a meeting with the union on Wednesday, which was held under the auspices of the Commission for Conciliation, Mediation, and Arbitration (CCMA).

In South Africa, labour laws stipulate that disputes must be taken up with the CCMA, which facilitates a 30-day conciliation process (which can be prolonged with the agreement of both parties involved).

De Beers is optimistic that a long-term agreement can be reached with the NUM through their ongoing dialogue with the union and its staff.

"We believe that a five-year agreement will provide a measure of certainty, particularly against the backdrop of the transition from open pit mining to the underground mine at Venetia Mine and the recent move of our sorting and valuation business from Kimberley to Johannesburg," it said in a statement.

"As the diamond industry, we are also faced with challenging market conditions that are continuing to have an adverse impact on our business."

NUM announced last Tuesday that it had begun mobilising its 1,500 members over a wage dispute with De Beers.

The union was seeking a 9% raise, while the diamond mining company was only offering 6%.

The union said it had declared a dispute with the CCMA after four months of negotiations, adding that its members would not accept less than 9% despite having negotiated down from a demand of 25%.

Because of the rising costs of necessities like food and gas, the union declared that it was ready to initiate the “mother of all strikes”.

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