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Russian diamond manufacturers ask for support from the state

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(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.