ALROSA's net profit for the first quarter fell 87% y-o-y

ALROSA’s net profit for the 1st quarter of 2020 under IFRS amounted to 3 billion rubles, which is a 74% drop from 11.7 billion rubles compared to the previous quarter and fall of 87% compared to last year due to non-cash factors.

Yesterday

Indian diamond manufacturers urged not to import rough diamonds in June

At present, about 30 per cent diamond manufacturing units in Surat have resumed operations, due to shortage of workers.

Yesterday

Angola H1 diamond revenue falls

Angola’s diamond revenue has dropped in the first half of the year, according to the governor of the National Bank of Angola, José de Lima Massano.

Yesterday

ALROSA’s Severalmaz cuts production

PJSC Seralmaz, part of the ALROSA Group, will reduce production at its Lomonosov Division in 2020 due to the closure of the Group’s key sales markets and a slump in demand for diamonds amid the coronavirus pandemic.

Yesterday

Titan to record decreased profit for 1H due to COVID-19

Tata Group company Titan recently announced that the company’s operating cash flow was negative in the last two months due to virtually zero sales in the first six weeks of lockdown.

Yesterday

Diamonds: Tears of the Gods

12 june 2019
(scientificamerican.com) - Humans have been captivated by diamonds, the planet’s hardest natural material, for nearly five thousand years. In Egypt, they were incorporated into the ankh, symbolizing the sun. People in ancient India thought they must be created by lightning, and attracted it; they also expected the stones could stave off danger (a belief somewhat at odds with the lightning-attractor thing). Greeks and Romans found the stones much more sacred, seeing them as tears of the gods. Rather poetically, they also thought the gems might be shards of fallen stars. At various times, people have thought diamonds to be capable of conferring invincibility, of healing, and of sealing the deal on romantic love. The truth of diamonds is almost as extraordinary as all of those beliefs.