Petra Diamonds said its revenue in the first half of fiscal year 2017 increased by 48% to $ 228.5 million versus $ 154 million a year earlier.
EDITDA profit growth from $ 48.5 million to $ 87.1 million was due to the increase in revenue.
Adjusted net income after tax of Petra also rose sharply from $ 6.3 million in the same period last year to $ 28.2 million in the current year.
"By Petra has achieved good operational and financial results for the first half 2017 financial year against the background processing of ore rich in diamonds and further stabilization of the market conditions", - said Johan Dippenaar (Johan Dippenaar), Chief Executive Officer of Petra Diamonds.
"Our team of professionals strives to preserve the rate of production and to achieve the overall operating efficiency thanks to capacity expansion projects and obtaining production figure of about 5.3 million carats a year by 2019 financial year is also our first priority is the safety of the workers." - he continues.
At the same time, he said, the company continues to expand the program in the fields of underground Finsch (Finsch) and Cullinan (Cullinan). Both projects managed to achieve initial production volume during the period. In 2017 fiscal year, the volume of ore production at each of the mines could reach 1 million tons.
Also this year the company intends to produce 4.4 - 4.6 million carats of diamonds. However, the production volume can be at the lower end of this range due to the difficulties with Cullinan input of the plant.
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Ronnie VanderLinden, General Secretary of the International Diamond Manufacturers Association (IDMA), was elected President of the newly established United States Jewelry Council (USJC).
USJC is a coalition of leading trade associations for diamonds, precious stones and jewelry, which is designed to provide a collective representation of the jewelry industry at the national and international levels. The organization will also address key issues of social, ethical and environmental significance that may affect the jewelry industry of the United States as a whole.
DMIA joined the new organization in conjunction with the American Gemological Society (American Gemological Society, AGS); The American Diamond Council (Diamond Council of America, DCA); Diamond Exchange of Southeast United States (DBSE); The Diamond Dealers Club of New York (DDC); The Indian Diamond and Colorstone Association (IDCA); The association "Jewelers of America" (Jewelers of America, JA); The Association of Manufacturers and Manufacturers of America (MJSA), and the Natural Colored Diamond Association (NCDIA).
USJC, meanwhile, is a member of the World Diamond Council (WDC), and works together with WDC for the participation of the US jewelry industry in the Kimberley Process (KP).
" The success or failure of jewelry enterprises based in the United States, and the entire supply chain of diamonds and jewelry, largely depends on the representation of US companies at the national and international level, "said Vanderlinden. - These problems of national and global scale are more serious than one single association can solve.
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