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

Angola opens new diamond mine

27 november 2023

Angolan President João Lourenço is set to open the Luele diamond project today in Lunda Sul province, approximately 35km from Saurimo.

The Luele kimberlite was discovered in November 2013.

Angola’s mineral resources ministry said preliminary studies of the geological potential show that the Luele kimberlite has an ore quantity of 647 million tonnes that will result in the production of 628 million carats.

The mine is projected to run from 2023 to 2083.

At least $635.3 million was spent to get the project up and running.

Catoca owns a 50.5% stake in the project, Endiama controls 25%, Falcan owns 19.5%, an unnamed pension fund has a 4% shareholding, and the Geological Institute of Angola controls the remaining 1%.

Meanwhile, a source who preferred anonymity told Rough & Polished that Luele changed its name from Luaxe but could not tell why.

Recent sanctions on Russian diamonds could have motivated the change, another source said.

Catoca owned a 50.5% stake in Luaxe, which it still owns in Luele.

Alrosa and Endiama own 41% of Catoca, respectively, while Leviev International-LLI (China) holds the remaining 18%.

Endiama and Alrosa each held another 8% stake in Luaxe, but the former now owns a bigger stake in Luele, which demonstrates a change in ownership structure.

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