De Beers responds to the challenge of regulating the sector and promoting greater transparency, financing the diamond industry, the requirement is much higher financial reporting standards of the sightholders, Vice President of Business Development De Beers UK Govard Devis (Howard Davies), as quoted by the IDI portal .
Starting next year, each sightholder will be required to provide De Beers annual set of financial statements in accordance with IFRS (International Financial Reporting Standards), Davis said. These reports should consolidate the performance of the entire group of companies, must have a certificate of purity control by having a reliable reputation and an auditor must confirm the good financial condition of sightholders.
Firms that have historically had a more informal structure, must now create a corporate structure, stable enough to allow them to consolidate their accounts in accordance with IFRS, Davis explains. According to him, De Beers has been working closely with sightholders and auditors in order to address a number of technical challenges that may face a thorough audit of the dynamic and complex international diamond business.
"For De Beers is a very important initiative. Our sales depend on the interaction with a strong and financially stable customers, ensuring the full confidence of the bankers. And to enhance our transparency initiatives not only strengthen the confidence of the banks already working with the industry. When sightholders can demonstrate evidence of their financial and corporate situation around the world, they are quite capable to compete not only for the support of banks, but also for funding in the wider world of corporate finance. Institutional investors and the capital markets are already beginning to allow interaction with the diamond business, which completed the path to corporatization and transparency. Requiring compliance with these standards by all sightholders, De Beers management helps to ensure financial stability for the future of diamond producers ", - explained Davis.
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Stellar Diamonds entered into a $ 150,000 loan agreement with Deutsche Balaton, the new institutional investor. Meanwhile, at the general meeting of the company's management this week certain decisions will be made on its activities.
In a statement via email sent to Rough & Polished, it is said that management will adopt resolutions on subscription to shares, the issue of convertible loan bonds and the reorganization of capital.
"Depending on the decision of the management, the company will be able to receive a sum of £ 1.56 million from Deutsche Balaton and other investors," the company said in a statement. "The interest rate for a short-term loan will be 8% pa The loan will have to be paid no later than November 30 from Using additional borrowed funds. "
Chairman Stellar Lord Daresbury (Lord Daresbury) said that he pledged to personally guarantee the company's short-term loan.
The proceeds from the loan will allow Stellar to resume trial drilling at Baulé's kimberlite and apply for production at the Tongo project.
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