Consumers attracted to diamond jewelry more than ever

Ali Pastorini is the co-owner of Del Lima Jewelry and President of Mujeres Brillantes, an association which brings together more than 1,000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

21 september 2020

WDC actively supports initiatives from mine to retail; and also strives for support for the artisanal and small-scale miners - Edward Asscher, President, World Diamond Council

A member of one of the diamond industry and Amsterdam’s most well-known families, Edward Asscher was elected President of the World Diamond Council in June 2020 for a two-year term. Asscher is serving a second time as WDC President, having led the organization...

14 september 2020

Diamonds are one of the few things that have held human fascination in every nook and cranny of the world across time

Dr Usha R. Balakrishnan, a preeminent historian of Indian jewellery based in Mumbai, is Chief Curator of the World Diamond Museum. Being the author and co-author of several volumes of Diamonds Across Time, a new book and an important venture launched...

11 september 2020

Botswana Diamonds to bulk sample KX36 kimberlite, sees commercial potential

Botswana Diamonds recently acquired Petra Diamonds’ exploration assets in Botswana for $300000. The assets that were owned by Petra through its wholly-owned Sekaka Diamonds Exploration, include the KX36 project, a 3.5 hectare kimberlite that was a new...

07 september 2020

Indian diamond industry looks for recovery options

Webinars being the order of the day due to COVID-19 crisis, the Gem & Jewellery Export Promotion Council (GJEPC) of India organized a virtual meeting under its UNCUT 2020 Webinar series on 17 August 2020, inviting all stakeholders to discuss...

31 august 2020

Standard & Poor's: Long-term rating of ALROSA upgraded to 'BB' with "Positive" outlook

20 july 2016
On Tuesday, Standard & Poor's upgraded the long-term credit rating of Russia-based diamond miner ALROSA (PJSC) from "BB-" to "BB" confirming the company's short-term rating at 'B'. The outlook for both ratings is "Positive".
In addition, Standard & Poor's upgraded the rating of ALROSA’s Eurobond issue worth $ 1 billion to "BB" from "BB-".
According to the press note released by the agency, this rating action reflects the opinion of Standard & Poor's regarding the improved operational efficiency of ALROSA due to the weakening of the ruble resulting in the diamond miner’s higher earning power and increased cash flow generated by the company.
In the 1st quarter of 2016, the company generated a record high EBITDA of RUB 60 billion (close to $ 800 million) with Standard & Poor's adjustments taken into account vs. RUB 47 billion rubles in the 1st quarter of 2015, while the miner’s EBITDA margin reached 59%. The company maintained diamond production costs as low as 1900 rubles per carat in open-pit mines and 2,400 rubles per carat in underground mines ($30 and $38 per carat respectively, based on a spot rate). In the opinion of Standard & Poor's, the positive results produced by ALROSA prove its higher than previously expected operating efficiency. The rating agency believes that the company will maintain it in the future and therefore increases its estimate of ALROSA’s business risks from "Weak" to "Acceptable".
According to Standard & Poor's, the company’s business risk profile continues to be influenced by its very strong position in the global market and large reserves of diamonds.