Diamond News Archives
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(IDEX Online) - Troubled Petra Diamonds has yet to receive any offers from potential buyers as its debts mounts and revenue slumps.
The UK-listed miner launched a formal sales process in June to sell the company either as a whole or in parts.
Petra, founded by Adonis Pouroulis in 1997, bought the famous Cullinan mine, in South Africa, and other deposits deemed unprofitable by De Beers, including the Finsch and Koffiefontein mines, also in South Africa, and the Williamson deposit in Tanzania.
So far it has received no offers for the mines, according to Tanzania's The Citizen news website, which also reports that the country's government, a 25-per cent shareholder, has opposed plans to sell Williamson.
Petra has seen Q1 revenues plunge 32 per cent to $91.3m and faces $650m of debts in senior secured bonds, due for payment in May 2022.
Its famous Cullinan mine was the source of the largest rough gem-quality diamond ever - the 3,106.75-carat Cullinan Diamond that became part of the British Crown Jewels.
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(IDEX Online) - Fears that online diamond trading in India would be hit by the country's new e-commerce tax have been allayed.
The two per cent levy introduced in April applies to consumer sales only, not B2B transactions, finance minister Nirmala Sitharaman (pictured) told trade bodies.
The clarification came after she met a delegation from the GJEPC (Gems and Jewellery Export Promotion Council) in New Delhi last Wednesday.
It will be a huge relief for Surat, the cutting and polishing hub, that is still suffering the impact of COVID-19 on its once-thriving business.
The equalization levy, aimed at consumer sales only, would have dented the country's competitive edge, said Colin Shah, GJEPC chairman....
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