Business
Update - Calibrated Diamonds
Update - Calibrated Diamonds.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n Petra Diamonds Ld\n31 January 2007\n\n Petra Diamonds Limited\n\n\n\n Update - Calibrated Diamonds\n\n\n\n\n\nPetra Diamonds Limited ('Petra' or 'the Company' or 'the Group'), the AIM-quoted\nand ASX-listed diamond group, announces the appointment of Mr Ken Axsel as\nManaging Director of the Group's diamond cutting and polishing business,\nCalibrated Diamonds Investment Holdings (Pty) Limited ('CDIH' or 'Calibrated\nDiamonds').\n\n\n\nMr Axsel's experience in the global diamond industry spans 20 years. He joins\nPetra from the leading global diamond bank ABN AMRO, where he served as Country\nHead South Africa - International Diamond and Jewellery Group. He started his\ncareer as a geologist moving through the fields of mining engineering, mineral\neconomics as well as commercial and financial roles. Mr Axsel has also held the\npositions of Deputy Executive Officer of the South African Diamond Board and\nDirector (Head of Mining) of ING Financial Markets.\n\n\n\nMr Axsel will work with Mr John Bond (Technical Director, CDIH), the founder of\nCalibrated Diamonds, in taking the CDIH business forward. Mr Bond has been\ninvolved in the cutting and polishing of diamonds for over 28 years and has been\ninvolved in many of the technologies used in the global diamond industry. He was\ninstrumental in the development of technologies for the cutting of diamonds by\nlaser as well as techniques for the double and multiple side-sawing of rough\nstones and has also been a recipient of some of South Africa's most prestigious\ntechnology awards. The technologies he was instrumental in designing and which\nare used at CDIH are among the most advanced diamond processing methods in the\nworld.\n\n\n\nPetra acquired the entire issued share capital of CDIH in November 2006. CDIH is\nfocused on the cutting and polishing ('beneficiation') of rough diamonds,\nutilising what Petra believes to be a unique process developed by CDIH and which\nenables Petra to produce polished diamonds of a very high and consistent\nstandard. The acquisition of CDIH represents a significant step forward in\nPetra's objective of growing its diamond revenues, as CDIH will provide Petra\nwith the potential to significantly enhance its overall revenues due to the\nvalue added from the beneficiation of rough diamond production.\n\n\n\nJohan Dippenaar, CEO of Petra Diamonds co...