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’s first-half output grows marginally, on course to meet the FY 2024 production target

17 january 2024

Petra Diamonds increased its output in the first half of the fiscal year (FY) 2024 by 2% to 1.43 million carats, mainly due to resuming operations at Williamson in Tanzania and an increased run-of-mine (ROM) contribution at Finsch, partially offset by slightly lower grades at the Cullinan Mine in South Africa.

Company chief executive Richard Duffy said they remain on track to meet their FY 2024 production guidance of between 2.9 million and 3.2 million carats.

However, this will be towards the lower end of guidance.

Petra said its first-half revenue amounted to $187.8 million, compared to $208.5 million a year earlier.

It said like-for-like prices were down 13.3% compared to the first half of FY 2023 sales, with the balance of price movements attributable to product mix.

The company’s consolidated net debt increased to $212.3 million as of December 31, 2023, from $176.8 million at the end of June 2023.

It said the decline was due to the timing of closing the company's sales tenders, the continued lower diamond pricing environment, working capital funding for the resumption of mining at Williamson, and the increasing capital expenditure profile to extend the life of operations at Cullinan Mine and Finsch.

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