Chris Del Gatto: “We provide capital to smart companies”

Chris Del Gatto, CEO & Co-Founder of DELGATTO Diamond Finance Fund L.P., a New York-based non-bank lender to the diamond and jewelry industry, started his career as a diamond cutter when he was just 17. In his early 20’s, Chris went on to co-found a...

26 october 2020

Lunhianga Project: "The forecasts for this year point to the production of about 100 thousand carats of diamonds"

Advanced information, by the coordinator of Endiama’s Lunhinga Project Management Committee, Adérito Gaspar, points to a drop in production due to the pandemic, but with good prospects in view of the potential of the kimberlites of Camatchia, in production...

19 october 2020

Crisis is the way to development

Maria Krasnova belongs to the second generation of the St. Petersburg jewellers. She is a daughter of Pavel Sokolov, the founder of ‘Samotsvety ot Sokolova’ (Gems by Sokolov), a jeweller and expert gemologist famous for his collection of unique...

12 october 2020

Gaetano Cavalieri: Diamond producers no longer insisting that clients purchase what they are offered

Dr. Gaetano Cavalieri has served for the past 19 years as president of CIBJO, the World Jewellery Confederation. Uniting national jewellery and gemstone associations from more than 40 countries, including Russia, and many of the industry’s major corporations...

05 october 2020

Worth of gold and diamonds

Initiatives in Arts and Culture and De Beers recently co-hosted a webinar on the worth of gold and diamonds. The webinar, which was moderated by Mickey Alam Khan, the founder and editor of Luxury Daily, featured Jeffrey Christian, founder and managing...

28 september 2020

Russian diamond manufacturers ask for support from the state

06 september 2017

Luxury items find it hard to compete with e-gadgets

(Vedomosti) - Russian diamond manufacturers will not be able to survive without state support. This opinion was expressed by the President of ALROSA, Sergey Ivanov at the session "Diamond Vladivostok - Let's Get Down to Diamond Cutting."
Now Russia manufactures about 2% of polished goods produced worldwide. But in recent years the amount of polished production in the country was halved to 500,000 carats. The largest diamond manufacturers, which are Smolensk-based Kristall and Brillianty ALROSA, account for the major part of polished goods produced, Sergey Ivanov said. However, there are also optimists in this field: for example, some of Yakutia’s banks are ready to cooperate with local diamond manufacturing operations, he added, noting that this gives hope.
Alexander Pshenichnikov, Corporate Management Head at the Ministry of Finance, reminded that the State was helping diamond cutting enterprises in Russia, as Gokhran purchased their products in difficult years.
Profitability of the diamond cutting business is catastrophically falling, Sergey Ivanov said. The industry is suffering from disproportion after the abolition of export duties (6.5%) for diamonds. Currently, diamond manufacturers are forced to pay more for raw materials, Maxim Shkadov, CEO of Kristall, said expressing his discontent.
These problems are exacerbated by the generally difficult situation in the industry due to the fact that millennials prefer to buy e-gadgets instead of diamonds, the participants in the discussion lamented. However, Indian diamond manufacturers see some prospects for the Russian market. Sandeep Kothari, Managing Director of KGK Group is among them. On the eve of the Vladivostok forum, President Vladimir Putin launched the company's diamond manufacturing factory in this city.
Despite stopping the largest Mir Mine, ALROSA will increase diamond supplies to the Russian market by 10%. This is one of the measures to support the diamond cutting industry, Sergey Ivanov said.