Author: Ruchi Singla

Petra Diamonds has confirmed the sale of its Koffiefontein to Koffiefontein Holdings, a subsidiary of Stargems Group. This move, expected to be finalised by the end of October 2024, will see Stargems take full ownership of the mine, allowing Petra to avoid the significant closure costs it had anticipated.Strategic Exit for Petra DiamondsThe sale marks a key point in Petra Diamonds’ broader strategy to divest from non-core assets, particularly following its decision to place the Koffiefontein mine on care and maintenance in 2022. The transaction will help the company avoid between $15 million and $18 million in closure-related costs. According…

On Monday afternoon, a group of armed men stormed a jewellery store at the Nicolway Mall in Bryanston, Johannesburg, firing shots and fleeing with stolen items. The incident led to panic among shoppers and staff, who sought safety as the assailants carried out the robbery in broad daylight.Robbery DetailsThe robbery occurred shortly after 2pm when several armed men entered the jewellery store. According to police spokesperson Dimakatso Nevhuhulwi, the group smashed glass display cabinets, taking an undisclosed amount of jewellery. Shots were fired into the roof of the mall, but no injuries were reported. The suspects fled the scene in two…

The Zimbabwe Consolidated Diamond Company (ZCDC) is targeting a 16 per cent increase in diamond production for 2024, with a goal of reaching 5.7 million carats. The company plans to nearly double this figure to 10 million carats by 2025. In response to falling global commodity prices, ZCDC is taking steps to adjust its operations and sustain output.Production Targets and Strategic PlansZCDC’s board chairman, Munashe Shava, provided details of the company’s plans, highlighting the need to mitigate the impact of depressed commodity prices on the global market. Speaking to The Chronicle, Shava noted, “We have ramped up production and this year…

In a recent verdict handed down by the Western Cape High Court, Ndyebo Dotwana, one of four men involved in the fatal robbery of Cape Town jeweller Charl Munnick, has been sentenced to 45 years in prison. The charges are related to the January 2021 armed robbery at Munnick Jewellers in Worcester, during which the store’s owner was killed.Details of the CrimeOn 29 January 2021, Dotwana and three accomplices—Sicelo Mase, Luyanda Lonzi, and Awonke Ziqu—robbed Munnick Jewellers. According to National Prosecuting Authority (NPA) spokesperson, Eric Ntabazalila, the robbery was meticulously planned, with Mase posed as a customer to gain access to…

The National Treasury has announced amendments to the Value-Added Tax (VAT) Act, 1991, specifically targeting transactions involving valuable metals such as gold. The changes, published in the Government Gazette on 10 May 2024, modify the domestic reverse charge (DRC) mechanism for valuable metals and update related definitions and compliance criteria.Key Changes in Definitions and RegulationsThe term “valuable metal” has been redefined to include a broad range of products, including gold in various forms such as jewellery, bars, ingots, and even waste materials from mining. It now specifically excludes items such as gold-plated jewellery, where gold is a minor constituent, or goods…

South Africa’s diamond mining industry, a cornerstone of its economy with a legacy spanning over a century, is facing a substantial downturn in production. This decline is largely attributed to the cessation of open-pit operations at the Venetia mine, operated by De Beers, which was a major contributor to the country’s diamond output. Despite these challenges, recent investments in the industry and developments in infrastructure offer a glimmer of hope for recovery.Decline in Diamond ProductionSouth Africa’s diamond production has seen a significant decrease, with the country’s output dropping from 10.2 million carats in 2022 to just 6.1 million carats in 2023. Historically, South…

On Friday afternoon, a jewellery store at the Chatsworth Centre in KwaZulu-Natal was violently robbed by a group of heavily armed suspects. During the robbery, shots were fired, and one ricocheted, injuring a civilian in the face. Police swiftly responded to the scene, resulting in a high-speed chase and a subsequent shootout. A Metro police officer was injured in the leg during the pursuit.Arrests and Ongoing InvestigationsProvincial police spokesperson Colonel Robert Netshiunda confirmed that police managed to arrest two suspects in Umlazi. These suspects were found with two blood-stained getaway vehicles. Netshiunda stated: “Police officers responded, and a shoot-out ensued during…

A violent robbery took place at a jewellery store in Phoenix Plaza, located north of Durban, resulting in injuries to two individuals. Fifteen robbers, armed with AK47 rifles, opened fire, causing extensive damage to the surrounding area.Incident DetailsDuring the heist, the assailants engaged in a shootout with security personnel and police officers. This resulted in several vehicles and buildings being hit by gunfire. Among the injured are a police officer, who is currently in critical condition, and a civilian, who is reported to be in a stable state.Prem Balram of Reaction Unit South Africa provided details on the robbery, stating, “The…

Academy Award-winning actress Lupita Nyong’o, in her role as De Beers’ global ambassador, recently visited the Venetia diamond mine in Limpopo. This visit provided insights into the mine’s sustainable development initiatives and its significant role in the local community.Exploring Sustainable DevelopmentNyong’o’s visit to the Venetia mine included an in-depth exploration of how the mine supports sustainable development. The Venetia mine, operational since 1993, accounts for approximately 40% of South Africa’s annual diamond production. This large-scale operation is not just a centre for diamond extraction but also a key player in local conservation efforts. Nyong’o toured the 32,000-hectare Venetia Limpopo Nature Reserve,…

Veteran economist and former member of Zimbabwean parliament, Eddie Cross, has made alarming accusations regarding the disappearance of $20 billion worth of rough diamonds from Zimbabwe. Cross implicates the late Robert Mugabe, who served as the country’s prime minister from 1980 to 1987, in personally misappropriating $1.3 billion of these diamonds.Historical Context and ProductionThe Marange diamond fields, discovered by De Beers, began production in 2006. These fields, spanning nearly 100,000 hectares, were soon taken over by Zimbabwe’s Ministry of Mines. According to Cross, six companies with ties to influential government officials, including the state president, exploited these fields. He estimates that…

The South African luxury second-hand market is experiencing substantial growth, particularly in the jewellery and watch sectors. This increase, driven by investment potential and a preference for unique or vintage items, has been highlighted by data from Luxity, a boutique specialising in pre-owned high-end goods.Market Growth and Investment AppealLuxity, which has stores in Nelson Mandela Square, V&A Waterfront, Gateway Theatre of Shopping, and Menlyn Maine, reported a 32% increase in watch and jewellery sales over the past year. Michael Zahariev, Luxity’s co-founder, attributes this trend to the rising recognition of luxury items as investment pieces. He noted, “What we are…

In 2010, Tshepo Mangoale founded Thabelang Jewellers CC with the aim of filling a gap in the Limpopo jewellery market. Recognising the lack of local jewellery manufacturers, the 39-year-old jeweller from Lebowakgomo set out to create his own line of products.Mangoale’s journey began in 2006 when he enrolled in a jewellery-making course at Imfundiso Skills Development (ISD) in Cullinan, Gauteng. His dedication to the craft was driven by the need to support his family.Developing Skills and Facing ChallengesMangoale’s passion for jewellery-making was further ignited while working at a jewellery business owned by his former lecturer. “I gained knowledge from him,…

In a recent Labour Court ruling, Andira Maharaj, a former accountant at the Jewellery Council of South Africa, was awarded R190,000 in compensation. Maharaj’s dismissal in 2021 followed a disciplinary hearing where she was found guilty of gross disrespect towards CEO Lorna Lloyd. The dispute stemmed from Maharaj’s concerns over a R2.5 million marketing campaign.Case BackgroundThe conflict began when Maharaj raised issues about the financial management of a substantial marketing initiative. She argued that the campaign, which involved a considerable investment, required more scrutiny to ensure fiscal responsibility. This stance led to her being perceived as disrespectful towards Lloyd.Disciplinary Hearing…

Debswana, the joint venture between De Beers and the Botswana government, has reported a fatality at its Jwaneng mine. The incident, which occurred on Monday, involved a crane and a drill rig, resulting in the death of an employee from one of Debswana’s contracting companies.Details of the IncidentAccording to a statement from Debswana, the accident took place on the morning of June 17, 2024. The company expressed regret and sadness over the incident, confirming that an investigation is underway to determine the circumstances surrounding the fatality. A spokesperson for the company emphasized, “Debswana is providing full support to the family, and…

Nungu Diamonds, the local jewellery brand founded by husband-and-wife team Ursula and Kealeboga Pule, has been recognised by Zales, a major US-based jewellery retailer. This significant collaboration is part of Zales’ Designer Edit, which aims to feature a mix of emerging and established designers, offering a diverse range of styles and price points.Well-deserved Next Step For Nungu DiamondsFounded in 2013 and based in Johannesburg, Nungu Diamonds is celebrated for its delicate jewellery that highlights the unique beauty and deep symbolism of natural diamonds. The brand’s creation was inspired by the real-life love story of its founders, who are committed to creating…

The OR Tambo International Airport Special Economic Zone (SEZ) Precinct 1 has officially opened all its facilities.The development of this precinct began in late 2018 and has seen various stages of completion, including the inauguration of several key buildings over the years.Significant Developments and FacilitiesKey buildings within the precinct include a precious metals refinery, an administrative building housing national regulatory agencies, and an investment by Belgian company Pluczenik, whose facility was inaugurated in February 2023 with the presence of King Philippe of Belgium. These buildings facilitate essential interactions with regulatory bodies like the South African Diamonds and Precious Metals Regulator…

Rolex has announced the closure of its affiliate office in Sandton, Johannesburg, aligning with a trend of international companies reducing their presence in South Africa due to shifting local market conditions. Despite the office closure scheduled for June, Rolex products will continue to be available through its official retailer network.Implications for the Jewellery IndustryFor jewellers and the broader jewellery industry, Rolex’s withdrawal could signify a shift in luxury retail dynamics within our region. The continued availability of Rolex products through official retailers mitigates immediate disruptions but highlights the need for vigilance regarding market conditions and consumer trends.Jewellers must remain adaptable, closely…

A jewellery store in Paarl’s Lady Grey Street was the target of a robbery involving four armed suspects. The perpetrators threatened the store staff and locked them in a room before fleeing with a substantial haul of jewellery, cellphones, and other valuables.Swift Action and ArrestsLocal security personnel and the South African Police Service (SAPS) quickly apprehended one of the suspects on Van Der Lingen Street, recovering some stolen items. The remaining three suspects were pursued by SAPS officers and were arrested in Paarl East, where they were found with an undisclosed amount of the stolen jewellery.Community InvolvementCommunity members noticed the…

In a significant consumer rights case that has captured widespread attention, Rogelio Villarreal, a 27-year-old doctor from Tamaulipas, Mexico, successfully purchased a pair of rose-gold, diamond-studded earrings valued at over R2,590,000 for just R260 due to a pricing error on Cartier’s website. This unusual transaction has spotlighted the enforcement of consumer protection laws in Mexico and their implications for international luxury retailers.Incident DetailsThe earrings, typically priced at 237,000 Mexican pesos, were mistakenly listed for 237 pesos.. Villarreal, intrigued by the drastic price difference while browsing through a social media advertisement, proceeded with the purchase. Upon realisation of the error, Cartier attempted…

Dubai’s Stargems Group has acquired the Koffiefontein diamond mine from Petra Diamonds, marking its third mine purchase in South Africa. This transaction, pending approval from South Africa’s Department of Mineral Resources and Energy, sees Stargems taking on significant responsibilities, including environmental rehabilitation liabilities and the mine’s maintenance costs, previously amounting to $23.1 million for Petra.Acquisition DetailsUnder the terms of the sale, Stargems will provide Petra Diamonds with a “nominal cash consideration”, in addition to assuming the aforementioned financial responsibilities. This move is part of Petra Diamonds’ broader strategy to reduce its operational costs, with the company aiming for annual savings…

Authorities in Gauteng are conducting an investigation following a robbery at a jewellery store within Cresta Shopping Mall, in Randburg, Johannesburg. The incident, which took place on Saturday, has prompted a review of security measures by local retailers and the jewellery industry at large.Details of the IncidentPolice estimate that up to 11 individuals targeted Bello Jewellers, initiating their attack in the middle of the day when the mall was populated with shoppers. According to reports, the group was armed and fired shots within the premises, causing panic among the public. They used tools such as crowbars and hammers to access the…

Jewellex Africa 2024 is set to mark its return in 2024, bringing together industry professionals, buyers, and enthusiasts. Scheduled for September 8th and 9th, the event will be hosted at Johannesburg’s The Wanderers Club, showcasing a broad spectrum of craftsmanship and brilliance. Organised by the Jewellery Council of South Africa, this year’s exhibition aims to elevate the experience for all attendees, blending a rich legacy with contemporary innovation in the jewellery sector.Connecting Tradition and ModernityThis year, the event is set to showcase a wide array of sparkling gems, intricate timepieces, and avant-garde design, ensuring a comprehensive representation of the current and…

EGL South Africa, an independent gemmological laboratory established in Johannesburg in 1980, announces the launch of a unique report dedicated to African gemstones. This initiative aims to showcase the rich gemological heritage of Africa and the laboratory’s commitment to promoting the continent’s natural resources.EGL South Africa: A Brief OverviewEGL South Africa has been a part of the South African gemmological landscape for over four decades. Owned entirely by South Africans, the laboratory prides itself on its local roots and expertise in the field of gemmology. It provides a range of services, including diamond grading, gem identification, and the issuance of…