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 Q3 output, revenue decline

26 october 2023

Lucapa Diamond produced 16,588 carats during the period ending September 30, 2023, from its 40%-owned Lulo alluvial mine in Angola and 70%-owned Mothae mine in Lesotho.

This represents a decline of 20% compared to the 20,618 carats from the same period last year.

The Lulo mine recovered 7,578 carats in the third quarter, including a 96-carat white and a 66-carat pink, while Mothae produced 9,010 carats during the same period.

During the third quarter, Lucapa experienced an interruption of approximately two weeks in production at Lulo.

This hindrance stemmed from an illegal work stoppage.

Nevertheless, Lucapa effectively resolved the situation by solidifying a new agreement with a worker's union that will remain valid until 2026.

During the period, there were two sales of run-of-mine diamonds, totalling 8,657 carats.

However, a third sale of approximately 2,300 carats has been rescheduled for the fourth quarter.

Revenue across the two sales was $9.1 million at an average rough price of $1,052 per carat, a decline of 56% compared to $20.6 million at an average rough price of $1,499 a year earlier.

Revenue was down on the previous corresponding period due to seven of the high-value stones being held over for the tender, which took place post-quarter end.

“However, as the recent tender results confirmed, large, high-quality diamonds such as those produced at Lulo and Mothae are still attracting strong prices and are in high demand compared to the smaller goods used by mainstream jewellers,” said Lucapa managing director Nick Selby.

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