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.

Yesterday

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

Lucara expects revenue to recover in 2024

22 february 2024

Lucara Diamond, which owns and operates the Karowe mine in Botswana, is expecting its revenues to recover to between $220 million and $250 million this year, after a tough market in 2023.

It raked in revenues of $177.4 million in 2023 compared with the $212.9 million a year earlier, which resulted in a decrease in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) to $54.4 million from $86.7 million in 2022.

Lucara said it recorded a net loss of $20.2 million last year compared with net income of $40.4 million in 2022 due to lower revenue, an impairment of intangible assets and a significant noncash deferred tax expense.

"Changes in global economic conditions, consumer demand, geopolitical events and industry-specific dynamics resulted in a challenging market in 2023, with reduced demand and downward pressure on both polished and rough diamond pricing, especially in the smaller size classes," it said.

Meanwhile, Lucara produced 395,134 carats of diamonds compared with the 335,769 carats a year earlier.

It also recovered 602 "special" diamonds, which include a 692 carats Type IIа diamond and a 1,080 carats Type IIа gem-quality diamond, last August.

Lucara expects to recover and sell between 345,000 carats and 375,000 carats of diamonds this year.

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