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

Petra mulls cash savings of up to $75 mln by June 2024

03 november 2023

Petra Diamonds is targeting cash savings of up to $75 million by June 2024 as it deferred two of its capital projects.

The deferrals would be at Cullinan Mine’s C-Cut extension project and the 3-Level SLC extension project at Finsch.

Company chief executive Richard Duffy said they would minimise the impact of these deferrals and seek to deliver increased production into a stronger pricing environment.

Petra said although the deferred programmes are expected to restart in July 2024, the company retains the flexibility to restart the deferred programmes earlier should market conditions improve.

“We will continue to maintain our flexibility to respond to market conditions safely and responsibly, through our enhanced operating model and flexible sales approach," said Duffy.

Meanwhile, Petra has maintained its production guidance for FY 2024, although it is now expected to be towards the lower end of the guidance range of 2.9 million to 3.2 million carats.

It said the impact of the project deferrals on production and capital expenditure guidance for FY 2025 and FY 2026 would be provided on a mine-by-mine basis once the value-engineering and re-planning work has been completed.

“During this period of reduced development activity, the company will assess further value-engineering opportunities for its capital development programmes aimed at improving efficiencies and/or lowering overall costs, whilst undertaking re-planning work that looks to minimise the impact of these deferrals on the Company and its growth profile,” it said.

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