Dismiss Notice
You are browsing this site as a guest. It takes 2 minutes to CREATE AN ACCOUNT and less than 1 minute to LOGIN

The mystery of the ‘Gem of Tanzania’

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by Steve Dii, Apr 30, 2009.

  1. Steve Dii

    Steve Dii JF-Expert Member

    #1
    Apr 30, 2009
    Joined: Jun 25, 2007
    Messages: 6,414
    Likes Received: 40
    Trophy Points: 145
    ‘Gem of Tanzania’ ruby draped in mystery as experts doubt its existence


    By Jennifer Hughes and Jonathan Guthrie
    Published: March 17 2009 23:08 | Last updated: March 17 2009 23:08

    The mystery surrounding the “Gem of Tanzania” ruby deepened on Tuesday after industry experts said they had never heard of that particular stone, nor of a ruby worth that much.

    The stone has appeared on the books of Wrekin Construction, a Shropshire construction company that collapsed last week. Its 2007 accounts reported the stone worth £11m but the books of Tamar, its parent, previously valued the stone at £300,000.

    Sean Gilbertson, an executive director of Gemfields, a coloured gemstone expert, said: “A stone like this would be so exceptionally rare I don’t have the words to describe the chances of it existing. Put it this way: I wouldn’t use my money to buy it.”

    Christie’s, the auction house, sold the 8.62 carat Graff ruby in St Moritz in February 2006 for $3.6m, equivalent to a record $421,981 a carat – or £242,518 at the then exchange rates, which were far more generous to the pound than today’s level.

    Using that as a benchmark would mean the Gem of Tanzania is at least 45 carats in size and probably far more as it is unlikely to be of the same quality as the Graff stone.

    Scott Finlay, a mining analyst at Religare Hichens Harrison, said: “A ruby that size would be remarkable and certainly notable within the jewellery industry. It would be surprising to us in the industry to suddenly have this thing appear.”

    Ruby value depends on size and quality. Generally the more carats, the lower the quality, but the two factors do not directly correlate, meaning it is impossible to speculate with accuracy on the size or quality of the Gem of Tanzania.

    Calls to David Unwin Jr, managing director of Tamar Group, were not returned. Calls to both Paterson Brodie, the auditor of Tamar in 2006, and Ashgates, the auditor of Wrekin and Tamar in 2007, were also not returned.

    Ian Harebottle, chief executive of Gemfields, told the FT that expert dealers in Arusha, a gemstone centre in Tanzania, were not aware of a stone of that name, nor of such a significant piece being found in the country.

    “It is not impossible that it exists, but it is very unlikely,” he said from Tanzania, where he has been based for the past 10 years. “When there’s production, when there’s a big stone, then everyone is talking.”

    Sizeable Tanzanian rubies were mined earlier this century and tend to be “overcoloured”, meaning they are too dark to reflect light properly and so are worth less per carat, Mr Harebottle said.

    The market is also highly specialist, meaning experts tend to know each other and the best stones in their market. Stones that justify their own name tend to get it through a process of repeated use as the original piece of rough stone is taken to a number of dealers and gossip spreads.

    “To say that internationally, there are 20 people who could value this stone – that would be a high number. Rubies are very specialist, not like diamonds, which are commodity-esque in some ways,” said Mr Harebottle.

    Gerald Ratner, chief executive of Geraldonline, an internet jewellery business, said the stone was “totally impossible”. He said that the FT’s story had prompted him to contact his business associate Barij Sethi, a well-known Indian ruby dealer “who had never heard of it”. Mr Ratner concluded: “The gem does not exist, though someone might mine one tomorrow that was the size of a football, and that would prove me wrong.”

    Mr Ratner, who ran jewellery chain H Samuel in the 1980s, said it was not unheard of for companies outside his industry to use gems as collateral. He said it was easy for banks and suppliers to mistake the value of such gems because gemmology was a specialist field.

    Copyright The Financial Times Limited 2009


    Source link: FT.com The Gem of Tanzania

    Source link: Ernst & Young tight lipped over values put on Wrekin ruby - 28/04/2009 - Contract Journal
     
  2. MaxShimba

    MaxShimba JF-Expert Member

    #2
    Apr 30, 2009
    Joined: Apr 11, 2008
    Messages: 35,808
    Likes Received: 94
    Trophy Points: 145
    That is serious.
     
  3. Steve Dii

    Steve Dii JF-Expert Member

    #3
    Apr 30, 2009
    Joined: Jun 25, 2007
    Messages: 6,414
    Likes Received: 40
    Trophy Points: 145
    Max, je ni bora lisingeuzwa mara ya kwanza toka Bongo? Wewe unasemaje....
     
  4. MaxShimba

    MaxShimba JF-Expert Member

    #4
    Apr 30, 2009
    Joined: Apr 11, 2008
    Messages: 35,808
    Likes Received: 94
    Trophy Points: 145
    Mkuu hapo umenena. Maana wabongo, wanapoteza sana.
     
  5. MaxShimba

    MaxShimba JF-Expert Member

    #5
    Apr 30, 2009
    Joined: Apr 11, 2008
    Messages: 35,808
    Likes Received: 94
    Trophy Points: 145
    Angali tunavyo pelekwa mputa na Wazungu. LOL. Wakuu wetu wanafikiria kuwa, eti kila MUZUNGU ni tajiri, na anataka kutusadia, kumbe wote ni waangaikaji tu.


    New hope as Petra Diamonds takes over Mwadui [​IMG] [​IMG] [​IMG]
    New hope as Petra Diamonds takes over Mwadui





    Written by EABW CORRESPONDENT
    Saturday, 07 March 2009



    New hope as Petra Diamonds takes over Mwadui [​IMG] [​IMG] [​IMG] Written by EABW CORRESPONDENT Saturday, 07 March 2009 DAR ES SALAAM, TANZANIA - Petra Diamonds on February 19, 2009 took over Mwadui's Williamson Diamond Limited (WDL).

    Petra, one of the biggest diamond mining companies in the world, took over the operations of WDL mine in Shinyanga, Tanzania, raising hopes that with introduction of new technology, annual diamond production will increase in future. Petra says it is considering an appropriate expansion programme to capitalize on the economies of scale offered by the large size of the Mwadui deposits.

    Petra acquired 75 percent interest in the mine, while the rest remained with the Tanzanian government.

    Petra's Corporate Communications Manager, Ms. Cathy Malins, told EABW last week: "Our initial strategy is to maintain mining operations at the current volumes and during the first year of operations we will focus on establishing the new economics of the mine. This will include grade, value per carat, cost per tonne and overall production capacity of the infrastructure, but this will be assessed in light of the current adverse economic conditions."

    Cathy said once this assessment has been completed, Petra will announce its final plans for the current operations and the timing of the expansion programme.

    "Indications are that the introduction of new technology could increase output to around, or even above 7.5 million tonnes per annum, reducing unit operating costs and resulting in an estimated annual production of some 500,000 carats and a mine life of around 20 years," she said.

    The transaction earned De Beers, which has operated its interests at Williamson Diamonds Limited (WDL) through Willcroft Company Limited in a joint venture with the government of Tanzania over the past 50 years, a solid $10 million.

    With proven diamond mining expertise, Petra has acquired a number of other mines in different places around the world in recent years. Mwadui is regarded as the world's largest kimberlite mine currently in production in a 146-hectare area.

    Tanzania's minister for minerals and energy William Ngeleja said the government is pleased to welcome Petra as new partner in Williamson Diamonds Limited, calling it "an exciting opportunity to breathe new life into WDL and in Tanzania's diamond mining sector."

    Petra's Chief Executive Officer (CEO) Johan Dippenaar said the acquisition marked Petra's entry into Tanzania adding onto other three of the world's major diamond mines. Petra Diamonds was established in 1888 and operates in South Africa, Angola, Sierra Leone and Botswana.

    Johns Williamson, a Canadian geologist discovered the Mwadui kimberlite in 1940, but upon his death in 1958, De Beers purchased half the total shareholding in WDL. In 1973 the Tanzania government took over the management of the mine operations, although it had to invite back De Beers in 1994 whereby recapitalization and the shareholding was made at 75 percent (De Beers) and the remaining 25 percent went to Tanzania government.

    By February, 2009, the mine had an estimated workforce of about 800 apart from the services of about 400 independent contractors. In 2007, WDL produced 220,209 carats
     
  6. Steve Dii

    Steve Dii JF-Expert Member

    #6
    May 1, 2009
    Joined: Jun 25, 2007
    Messages: 6,414
    Likes Received: 40
    Trophy Points: 145
    Max, Wanamwadui sidhani kama wanajua hayo yote na wako kwenye ground zero!

    Pls, naomba u-edit hiyo habari ili isomeke vizuri, au kama mods wataiona basi wafanye hivyo. thanx.
     
  7. MaxShimba

    MaxShimba JF-Expert Member

    #7
    May 1, 2009
    Joined: Apr 11, 2008
    Messages: 35,808
    Likes Received: 94
    Trophy Points: 145
    H.Bosch Gemstones

    Most of the stones in this website are from Tanzania sold by WAZUNGU
     
  8. S

    Somi JF-Expert Member

    #8
    May 14, 2009
    Joined: Feb 7, 2009
    Messages: 563
    Likes Received: 4
    Trophy Points: 0
    juzi nimeona katika cnn news blue diamond yenye carat 7 imeuzwa 8.5 millions USD sawa na kati ya sh.bilioni 11 na 13 za kitanzania,sasa hapa pia kuna uwezekano hilo jiwe la almasi limechimbwa mwadui ,tanzania.hii biashara ya madini inausiri mkubwa,wafanyabiashara wa madini hawataki kabisa kujulikana mwenendo wao wa faida wanayopata,watakuambia tunapata hasara kumbe kinyume chake,kwahiyo kiujumla wake hakuna formula maalumu,mfano mtu anayeuza majenereta atakuambia alikuwa na majenereta kadhaa kwenye stock yake ameuza mangapi na utajua kiasi gani amepata faida na kiasi gani anapaswa kulipa kodi, kwa upande wa madini atakuambia hajapata mawe yanayotakiwa kwenye soko na huwezi kudhibitisha kama ni kweli au la.
    kwahiyo atalipa kiasi kidogo cha kodi na hutajua amepeleka mawe yenye dhamani gani kwenye soko
     
Loading...