It’s crucial everybody feels confident that their suppliers use the System of Warranties - Stephane Fischler

The System of Warranties (SoW) in the diamond industry dates back to 2002, when the World Diamond Council (WDC) in team with the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association...

13 november 2017

IIDGR’s proprietary technology gives polished diamonds unique identity

The International Institute of Diamond Grading & Research (IIDGR), a unit of the global diamond giant, De Beers, grades natural stones and is also using its proprietary inscription technology to inscribe a unique identification on tables of each...

07 november 2017

In future, only those who offer innovative designs will survive

A science graduate from Madras University, Srinivasan's one-man venture with just 10 employees launched in 1984 has now grown into the present Emerald Group, in about 3 plus decades. The Group from Southern India is one of the largest jewellery manufacturing...

30 october 2017

Conditions are still very difficult - Ernie Blom

Ernie Blom, the President of the World Federation of Diamond Bourses (WFDB) for the third term, has served on a range of industry bodies as an executive as well as chairman for many years, including Chairman, Diamond Dealers Club of South Africa...

23 october 2017

Pavel Vinikhin: ALROSA will make a worthy contribution to the revival of the ‘Russian Cut’ Brand

ALROSA is known as the largest diamond mining company throughout the world. However, not everyone is aware that it has its own diamond-cutting division. For a long time, the activity of DIAMONDS ALROSA remained in the shadows, only occasionally attracting...

16 october 2017

Stellar raises funds for Tongo environmental licences, working capital

14 september 2017
Stellar Diamonds has conditionally raised £330,000 through the issue of 10,1 million new ordinary shares for 3.25 pence per share.
The London listed diamond development company had also proposed to raise up to £200,000 at 3.25 pence each through an open offer.
Subject to completion of the placing, investors participating in the placing would be considered qualifying shareholders for the purpose of the open offer, it said.
Stellar said the net proceeds of the placing and open offer would prioritise payment of the Tongo environmental licence and renewal of the Tonguma environmental licence.
The licences were estimated to cost $250,000.
“Once the Tongo mining licence is issued fiscal terms may be negotiated and ratified via the Sierra Leone Government and Parliament respectively,” it said.
“Furthermore, funds will be allocated to ongoing costs related to the Tongo-Tonguma project in Sierra Leone, general working capital, and the payment of certain existing creditors whilst the company continues to progress debt and equity financing to bring the high grade and high value 4.5 million carat Tongo-Tonguma project into production.”
The Tongo mining licence was approved by the Minerals Advisory Board in Sierra Leone, subject to the payment of the Tongo environmental licence. 
Meanwhile, Stellar said that the disposal of its Guinea projects and assets was “progressing with further due diligence, audit and tax affairs being finalized”.

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


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