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

De Beers, NUM reach a five-year salary agreement

06 november 2023

De Beers and the National Union of Mineworkers (NUM), which represents employees at its South African diamond mines, reached a five-year salary agreement.

The diamond company said employees would be granted a 7% salary raise in 2023, followed by a 6% annual increment until April 30, 2028.

The minimum entry-level basic wage now stands at R17,630 ($954.30) per month, exclusive of allowances.

"The agreement provides a measure of certainty to our employees for the next five years as we focus on ramping up the underground mine at Venetia," said De Beers managing director of managed operations, Moses Madondo.

De Beers and NUM, which represents more than 1,500 employees at the South African operations of the diamond group, have been engaged in wage negotiations since March this year.

NUM threatened to go on strike at Venetia in September, claiming that pay negotiations had stalled.

Industrial action would have had a significant impact on Venetia, where De Beers began operations from its newly constructed underground mine worth $2.3 billion last July following the end of 30-year open pit mining operations in December 2022.

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