The company Petra Diamonds said it has registered a 16-percent jump in diamond production, bringing it to 3.7 million carats in the year ended June 30, 2016, from 3.18 million carats a year earlier.
This is above the planned tasks established by the management company in the amount of 3.6 million carats to 3.65 million carats during the period under review.
The company attributed the improvement in production increase revenues undiluted ore and additional production volumes from Kimberley Ekapa Mining Company after the acquisition of mines in January last Kimberley (Kimberley Mines) year.
As stated by Petra, she expects the 2017 financial year will produce 4.6-4.8 million carats, increased production by 25-30 per cent compared to the volume of extracted raw materials in 2016 fiscal year.
«Petra has recorded further strong growth, led to a record level of production during the year, and we expect that the group will achieve its long-stated goal to reach a production level of about 5 million carats by 2018 financial year, a year earlier than expected," - said CEO Johan Dippenaar (Johan Dippenaar).
At the same time, the Group's revenue for the period under review increased by 1 percent, to $ 430.9 million, compared with $ 425.0 million a year earlier, mainly due to higher sales volumes (primarily diamonds from tailings newly established company Kimberley Ekapa Mining in South Africa), which is partially affected by a decrease in diamond prices during the year.
During the year, sales rose 9 percent to 3.45 million carats compared to 3.17 million carats a year earlier.
Operating costs amounted to approximately $ 294.2 million (excluding borrowing costs), up 10 per cent in 2016 financial year is lower than originally planned ($ 326.7 million).
«Petra has full funding for the completion of its expansion program, all of which remain in force. The financial position of the company in line with expectations, including expectations related to the calculation of credit obligations ", - said Dippenaar.
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Minister of Commerce and Industry of India Nirmala Sitharaman (Nirmala Sitharaman) the media reported on the first meeting of the Export Promotion Council of India in New Delhi, because of the devaluation of the yuan imports from China will be even cheaper, which will make the cost of Indian products relatively high.
The devaluation of the Chinese currency is an alarming situation, because of which India's exports will be more expensive, and the trade deficit with China increased. "The depreciation of the yuan would certainly make imported products (from China) is cheaper ... the fact that the trade deficit with China will (also) to grow", - said Sitharaman. In 2014-2015, the volume of bilateral trade between the countries amounted to $ 72.3 billion and the trade deficit -. $ 49 billion
"It reduce the cost of imports from China Our products will be more expensive situation is developing along this path..", - the minister added. Sitharaman noted that imports from China is high not only because it was cheaper, but also because of the excessive amounts of products coming from China.
As for the industry of precious stones and jewelry, Sitharaman said that her ministry supports the easing of restrictions on the import duty on gold to help the development of this segment of the economy.
At least the last year talked about the need for a weakening of the import duty on gold to the jewelry industry of the country has not suffered so severely, the minister said.
Many times by representatives of the industry of gems and jewelry addressed to the Indian authorities with a request to cancel or reduce a 10 percent duty on gold imports as the Indian companies in these conditions it is difficult to compete with foreign producers.
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