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

Anglo to cut annual run rate costs, capital spend over the next three years

23 february 2024

Anglo American is set to cut its annual run rate costs by $1 billion and capital spend by $1.6 billion over the next three years, while also cutting out unprofitable volumes. 

This follows high inflation on the group’s costs, coupled with a cyclical downturn in PGMs and diamonds. “We are systematically reviewing our assets and will take further actions as needed to ensure their competitiveness,” said Anglo chief executive Duncan Wanblad.

“We have also … set out the difficult but necessary reconfigurations of our PGMs and Kumba operations to set them up on a far more sustainable footing, building on the recent 25% cost reduction from our consolidation of senior head office roles.”

He said its underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $10.0 billion at a 39% mining EBITDA margin shows a 13% lower product basket price and a 4%-unit cost increase, partially offset by their 2% volume growth. 

Anglo’s net debt rose to $10.6 billion due to the growth in investments the group had been making through the cycle in line with its belief in strong long-term fundamentals. 

“Our updated assessment of global GDP growth and consumer demand were the main factors behind the $1.6 billion write-down of our book value of De Beers, principally relating to goodwill,” said Wanblad.

“There is no doubt that while the immediate macro picture presents some challenges for our PGMs and diamonds businesses, the demand trends for metals and minerals have rarely looked better.”

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