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

Zimbabwe repays $400m Afreximbank debt with platinum

06 december 2023

Zimbabwe is currently utilising its platinum exports to repay a $400 million loan from the African Export-Import Bank (Afreximbank), according to a report from the country's treasury.

Bloomberg cited Zimbabwe's Treasury's latest public debt report, revealing that the government secured a $400 million Afreximbank loan in February for budget support and trade infrastructure.

The six-year loan has a 10.2% interest rate and rises to 12.2% if defaulted.

The report revealed that the Reserve Bank of Zimbabwe manages 35% of Zimplats' export proceeds to repay the $400-million Afreximbank loan.

Zimbabwe's Treasury called the Afreximbank loan “a significant success” for the government, given that international lenders had ignored it for over two decades and limited its access to external finance, notably for budget support.

Harare introduced a new levy on lithium and wealth tax last week to cover an almost 14-fold increase in economic stimulus spending.

The hike follows Zimbabwe's dollar losing 89% of its value versus the US dollar this year and annual inflation topping 176% before price growth was lowered.

Zimbabwe has $18 billion in debt and is ineligible for new multilateral credit from the World Bank, IMF, and African Development Bank.

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