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

Red Rock executives mull DRC visit to address $10 million claim

08 march 2024

AIM-listed Red Rock Resources’ executives are planning to travel to the Democratic Republic of Congo (DRC) to address a $10-million claim the company made regarding its involvement in the VUP copper/cobalt joint venture.

“What should have been the simplest of matters, obtaining our share of the sales proceeds of an asset bought and paid for in 2018, has taken far too long, but I am confident that we will prevail and receive the monies owed,” said Red Rock chairperson Andrew Bell.

The company announced last January that its DRC subsidiary had received an executory judgement for $2.5 million in 2022.

This sum makes up 50.1% of the $5 million that a buyer paid to a local partner.

Additionally, the outcome of arbitration hearings in Kinshasa to secure $7.5 million, which represents 50.1% of the $15 million that the buyer has yet to pay, is still pending.

Red Rock received a draft of the arbitration award and is waiting for it to be finalised and released.

Since the conclusion of the presidential and parliamentary elections in the DRC on December 31, 2023, and Felix Tshisekedi winning a second term in office, the process and finalisation of payments were anticipated to resume.

“We have made considerable progress, but we consider that coordination of the final steps requires our presence in Kinshasa,” Bell said.

Meanwhile, the company said a group of Red Rock representatives was currently in Kenya, focusing on the renewal of two licences.

The company boasts a substantial 723,000-ounce gold mineral resource along with a tailings project in the country.

Renewing the licences will pave the way for the next phase of exploration to move forward to expand the resource to over one million ounces.

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