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Botswana Diamonds’ Campbell on Zim jaunt: We are interested in Kaapvaal Craton

Botswana Diamonds and Vast Resources, recently signed a memorandum of understanding to prospect for diamonds in Zimbabwe. The two companies will exchange information derived from past exploration on areas prospective for diamonds in the southern African...

09 july 2018

“Every Forevermark diamond has a unique inscription number which is an assurance that the diamond is beautiful, rare and responsibly sourced,” says Sachin Jain

Sachin Jain, President-Forevermark, joined the company - a wholly owned subsidiary of the De Beers Group - as the Head of Retail in 2010. He was swiftly promoted to the Managing Director in 2011… to later become the President in year 2013. Sachin started...

02 july 2018

In a world where transparency is more and more the standard, our business must address the lab grading issue willingly

Jeweler-Designer Arnaud Flambeau started his career in the jewelry business in 1993 at European Gold Company CLAL as Key Account Manager for the Jewelry Division, where he was in charge of international brands like Cartier or VCA and their subcontractors...

25 june 2018

Vallabhbhai Shamjibhai Patel tells about the ongoing construction of the Surat Diamond Bourse

The under-construction Surat Diamond Bourse (SDB) is India's second diamond trading hub based at Surat, Gujarat, spread across 35.54 acres with more than 4,000 offices for national & international traders. On the onset, the project which...

18 june 2018

The strategy of regulating the Russian jewellery industry

At the General Meeting of the Russian Jewellers Guild Association held in April, two principally important documents were adopted: The Strategy of Regulating the Jewellery Industry of Russia and The Charter of a Good Faith Taxpayer. Besides, the issues...

13 june 2018

ALROSA is widening its assets insurance coverage

13 july 2018
ALROSA made an insurance contract with SOGAZ Group for one year as the result of an open tender. The insurance amount of ALROSA and its 8 subsidiary companies totaled RUB 674.8 billion. That said the insurance coverage is significantly bigger than in previous years.
Individually designed property insurance program for ALROSA Group covers movable and immovable property of any kind including underground capital developments, permanent underground shafts, tailings and tailings dams. The insurance covers all kinds of underground machinery, installations and equipment including improvements made to this property in the coverage period. The insurance also covers diamond production. The insurance program includes all risks.
The sum of ALROSA Group property coverage totals RUB 612.3 billion. The limit of indemnity for one insurance event for PJSC ALROSA and PJSC Severalmaz is more than twice bigger than in the previous year — RUB 24 billion instead of RUB 10.5 billion.
This year ALROSA additionally insured machinery and equipment — these risks had not been covered in previous years. Another important new inclusion is Business Interruption (BI) coverage. This insurance type is widely accepted around the world for indemnification of fixed expenses and loss of profits in case of production halt or accident. The BI coverage sum for the Group totals RUB 62.5 billion.
“We incorporated the experience of Russian and foreign experts to create this insurance program. In March of this year the risk engineers from the leading mining industry insurance companies audited Mirny, Aikhal, and Udachny Mining and Processing Divisions. Following the results of the audit the experts defined possible losses scenarios and recommendations for risk mitigation. These steps led to overall optimization of the insurance program,” said the head of ALROSA Insurance department Akil Zubir.
He also pointed out that reinsurance of the main part of risks will be done optionally in the leading international reinsurance companies such as AIG, Swiss Re, Lloyds, Zurich, Munich Re. Akil Zubir states that this approach will guarantee high reliability of the insurance coverage.
Apart from the property of PJSC ALROSA the insurance will cover PJSC Severalmaz, JSC Almazy Anabara, PJSC ALROSA-Nyurba, JSC ALROSA-Gas, JSC Vilyuiskaya HPP-3, ALROSA Air Company Limited, JSC NPP Bourevestnik and Heat and Water Supply Enterprise (CSEP).

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