Gemfields, which owns the operations of diamond mining in Zambia and Mozambique, noted that its revenue for the year ending increased by 13% June 30, 2016, to $ 193.1 million, versus $ 171.4 million a year earlier.
Net income nearly doubled to $ 23.5 million versus $ 12.3 million last year.
"This year Gemfields position as one of the industry leaders (gems) to strengthen the Company was able to achieve record operating results, which became the basis of strong financial performance of the Group." - said the CEO of Gemfields Herbotl Ian (Ian Harebottle).
"Over the past 5 years Gemfields revenues increased by 380%, and the total revenue from the company's first auction was $ 717.6 million This is a very significant achievement in view of the problems faced by the segments of mining and premium products.", - he added.
Production at the mine Kagem emerald (Kagem) in Zambia remained almost unchanged and amounted to 30 million carats, while the cost of production fell from $ 2.90 to $ 2.48 per ton of ore.
According to the latest data, estimated, expected and probable reserves at Kagem estimated at 1.8 billion carats of emerald and beryl worth about $ 520 million, says CEO Gemfields.
However, in the Montepuez ruby mine (Montepuez) in Mozambique Gemfields managed to get 10.3 million carats of rubies and corundum against 8.4 million carats a year earlier.
Also Gemfields reported early drilling on the southern section of the project Dogogo (Dogogo) in Ethiopia and the expansion of the team of experts in Colombia. In both countries, the company is planning to mine emeralds.
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Standard Chartered Bank requires its customers in the Indian and Belgian diamond trade increase in credit insurance in an effort to tighten lending standards sizes after $ 2 billion had already been lent to the industry, reports Bloomberg.
The London-based bank, one of the largest lenders in the middle segment of the industry, requires manufacturers of diamonds provide insurance payments or the provision of collateral in the amount of 100% of the loan amount, the agency said in a statement of 23 March, which the author refers to the words of the people, who asked not to be named .
Upcoming receipts will not be accepted as collateral, and for customers who are not able to fulfill the conditions, may be increased interest payments or terminated provision of loans, the report said, citing unnamed sources.
"In accordance with the strategy of the bank to increase the return on capital through a customer base around the world, we work with clients on finding mutually beneficial solutions in order to continue to lend to the diamond industry, with increased reporting requirements and the cost of regulatory capital," - said in a statement Standard Chartered.
"We continue to provide the diamond sector is well-capitalized, despite the refusal of that other banks. We are focused on generating profits, which will cover the cost of our capital, and providing prices in accordance with market conditions. We develop innovative solutions and work with customers and insurance providers to increase the availability of capital for the sector and ensure funding for industry investors ", - said the bank.
This news comes after Bill Uinters (Bill Winters), since June 2015 the head of Standard Chartered, has replaced the entire senior management of the bank, set the task to review the areas of business and relationships with customers and at the same time to estimate the ratio of income on the level of credit risk for either to restructure or write off assets worth about $ 100 billion, it said in a statement.
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