Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

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

Gem Diamonds boosts annual output as revenue dips

15 march 2024

Gem Diamonds produced 109 656 carats at its 70%-owned Letšeng Mine in Lesotho last year, compared to 106 704 carats in 2022.

It said ore treated was 5 million tonnes in 2023 from 5.5 million tonnes, a year earlier.

Gem Diamonds said the pressure experienced on the diamond market significantly impacted rough and polished diamond prices, which resulted in a 26% decrease in revenue to $140.3 million last year from $188.9 million in 2022.

It achieved an average value of $1,334 per carat in 2023, up from $1,755 in 2022.

Gem Diamonds said the highest dollar per carat achieved for a white rough diamond during the year was $36,399 per carat.

“2023 was a challenging year globally with surging inflation and interest rate increases in major economies, two international conflicts, and a subdued overall global economic outlook, which had a significant negative impact on the diamond industry,” said Gem Diamonds chief executive Clifford Elphick.

“Our financial results suffered primarily as a result of a decrease in revenue because of lower diamond prices. We have relentlessly focused on cost control measures, enhanced operational efficiencies, rigorous evaluation of capital projects, and the deferment of non-essential longer-term projects.”

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