Demand will pick up once the season starts

N Anantha Padmanaban took charge as the Chairman of the All India Gem & Jewellery Domestic Council (GJC) in January 2019. He has immense hopes and confidence in the Indian jewellery sector. His motto is to ‘ensure that after the day’s business...

14 october 2019

Prospects for discovering new diamond deposits in the Arkhangelsk Province are far from exhausted

ALMAZINTECH is engaged in technical auditing and comprehensive assessment of activities performed by exploration, diamond mining and gold mining businesses in Russia and other countries, as well as carries out research and development. It employs highly...

07 october 2019

Botswana Diamonds eyes expansion of Thorny River to include Marsfontein – Campbell

Botswana Diamonds, which has a 40% stake in Thorny River, through Vutomi, said there are plans to expand the project located in South Africa to include Marsfontein once a mining permit for the latter has been awarded. Company managing director James...

30 september 2019

Diamond knife and tender system: The tight-fisted paying twice?

LLC Kristalin is the only company in Russia that manufactures microsurgical diamond blades for domestic healthcare that meet international requirements and are used in ophthalmology, neurosurgery and plastic surgery. Mikhail Zhiltsov, the company’s Deputy...

23 september 2019

Didier Giard: Stiff competition among the diamantaires is one of the factors of the price war

On September 9, 2019, the French Association of Gemmology (l’Association Française de Gemmologie, AFG) held its regular Paris Gemmological Rendez-Vous. Its organizer, Didier Giar, the head of the AFG kindly agreed to answer questions from Rough&Polished...

16 september 2019

Liquidation of ALROSA-Nyurba or saving at the expense of the reputation

14 october 2019

Over the past few years, ALROSA has done a lot to improve the reputation of a responsible diamond market player. ALROSA's corporate culture and its interaction with shareholders have also improved, not only with the Federal Property Management Agency and Yakutia, but also with the minority shareholders, whose interests are represented by two of 13 members of the company’s Supervisory Board. ALROSA adopted a predictable dividend policy and tied bonuses paid to its managers to their performance, its top managers exhaustively answer the investors' questions at quarterly conference calls. So, it looks quite strange on this background that one of ALROSA’s recent initiatives differs widely from the best corporate practices, although it is positioned as a means of “management efficiency improvement and structural optimization.”

Shareholders held hostage by the diamond market

07 october 2019

The prolonged decline in ALROSA shares, which have lost almost 30% since the beginning of the year, was a surprise for most investors. The shares of the diamond mining company, which had a reputation as a stable money earner, started to lead an unpleasant ‘hit parade’ by the end of summer among those investors, who were opening short positions, as they were no longer waiting for a recovery and were trying to make money on the correction sending the company’s equities into a steep dive. By mid-August, its shares fell to 70 rubles, which is only 8% higher than the price at which the Federal Property Management Agency held an SPO in July 2016 (65 rubles).

The Russian questions of the Mir mine

30 september 2019

The two frightening questions of Russian literature “Who is to blame” and “What to do,” unfortunately, do not allow the new world of innovative efficiency to straighten its shoulders. Browsing the expanses of the world-wide Web on the second anniversary of the miners’ death caused by the accident at Mir, I found an interview of Vyacheslav Shtyrov, a former president of ALROSA and a former president of the Republic of Sakha (Yakutia). Among other things, the published article attracts interest because Vyacheslav Shtyrov’s comments are very emotional, which means a very personal attitude to this topic. But to what extent is the former president of ALROSA right in his criticism of the company’s current management blaming it for the tragedy? It seems to me that Vyacheslav Shtyrov’s accusations against the young head of ALROSA are unfair.

Perfect storm brewing between ALROSA, Angola

23 september 2019

A storm is brewing between ALROSA, one of the largest shareholders of Sociedade Mineira de Catoca (41%), and its Angolan partners over the rough stones purchased by the former from the company.

Modern state of Indian diamond industry

16 september 2019

In India, there is a primary diamond deposit in Madhya Pradesh (Majahgon) and several alluvial diamond deposits, the total reserves of which are estimated at 2.6 mn carats. The diamond production is small, up to 40,000 carats per year for about US$8 mn. That said, India is the largest consumer of rough diamonds in the world. As the diamond mining in India is small, the country imports significant rough diamond volumes.

Diamond history: The problem of sources

09 september 2019

A large two-volume book ’A Diamond Book of Russia’ was released by the publishing office ‘Gornaya kniga’ in 2014-2015 with the purpose to ‘Show the place of Russia in the world’s diamond market and show the history of creation of the Russian rough and polished diamond industry’. While the aim declared was achieved partly only, the book is a significant contribution to the diamond historiography, the more especially as editors and many authors of this collection could not be taxed with dilettantism – those were the people who dedicated many years of their lives to the diamond industry and knew its finer points. However, the points of view even of the direct participants involved in the key events of the diamond history could be contrary.

Lobbying in the Russian market of precious metals and precious stones – How does it look like?

02 september 2019

Having appreciated the role of the active position of the sectoral public opinion, especially against the background of the system of assessing the quality of adopted laws being introduced in Russia at that time (the ARI system - assessing the regulatory impact of regulatory legal acts), the regulator “helped” create sectoral public organizations more friendly to authorities. It was achieved by strengthening them with staff of their own employees. Thus, in contrast to the former activists, “sectoral public voices” appeared quite loyal to the initiatives of the authorities.

The Kosygin Line and Titan of Diamond Renaissance

26 august 2019

At the end of 2018, the Russky Mir Publishing House published a two-volume edition, titled “The Diamond Industrial Complex of Russia.” The book has a considerable circulation of 2,500 copies for our times, a bulky volume of 1,480 pages, and Vyacheslav Anatolyevich Shtyrov is indicated on the cover as its author. According to the book’s annotation: "The edition is intended for specialists in the mining industry and other segments of the real sector of the economy, managers, economists, historians, teachers and students of all levels of education." The personal website of V. A. Shtyrov announced the publication of this book simply and modestly: “There has been published a history of the ALROSA Company.” Since Shtyrov, who headed ALROSA in 1996-2002, is a major functionary in the Russian diamond industry of the post-Soviet period, such a voluminous work that went beyond his pen will certainly become a significant milestone in diamond historiography and will eliminate many of the contradictions and inaccuracies so characteristic of it. Surely this is how a historian should reason opening this well-published book - designed in a strict academic style - with understandable trepidation. And what will he or she read there?

Lobbying in the Russian market of precious metals and precious stones – How does it look like?

19 august 2019

Is it possible for the Russian market of precious metals and precious stones (PMPS) to compete for its economic interests? Yes, it is possible but taking into account a number of both objective and subjective (for the industry) factors. The more than twenty years of experience in public work in the field of PMPS allow the author of this article to break the history of public struggle for the liberalization of the PMPS market in five stages, each of which has its own characteristics and its historical significance for the industry.

A new normal in the diamond trade

12 august 2019

ABN Amro Bank recently sent a letter to several of its diamond clients stating that it would be limiting finance for rough purchases "in view of the continued lack of profitability in the purchase of rough goods. We recommend you to show constraint and only consider purchasing rough when there is sufficient profitability. We want our clients to … refrain from purchases just with the aim to hold on to existing allocations with the mining companies or just to remain fixed to sources only hoping for better times to come.”  In other words, continuing to lend to businesses that cannot turn a profit is not what ABN Amro will do. What can one say about this?

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