An alliance between a diamond producer and a diamond manufacturer in Russia is simply inevitable and necessary

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15 october 2018

High technologies make it possible to create a product that can be obtained in natural stones only for very big money

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08 october 2018

The once unorganised domestic jewellery sector in India is now growing

A veteran businessman, former Chairman of Gem & Jewellery Council (GJC), Bullion Expert, a third-generation jeweller born with a silver spoon (or was it gold?) in his mouth, a perpetual optimist … yes, the list could go on. As the first...

01 october 2018

India is poised to become a major fine jewellery market in the near future - Pramod Agrawal, Chairman GJEPC

Pramod Kumar Agrawal, the current Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) of India is a successful entrepreneur in his own right. Despite belonging to a jewellery business family, with his father dealing in gemstones...

24 september 2018

Color diamonds are more valuable and desirable and a better investment

In 1993, Eyal Cohen started his career as a diamond cutter, sitting by his father’s side as an apprentice. 4 years later, he was recruited by a jewelry firm, where he learned to appreciate natural colored diamonds. In 2003, Eyal opened his own company...

17 september 2018

The Guild of Jewellers of Yakutia is concerned about ALROSA’s decision to buy the “Kristall” factory

08 august 2018
The shareholders of the jewellery sector expressed their concern about the upcoming merger of the diamond mining company ALROSA and the diamond cutting factory “Kristall”.  The Guild of Jewellers of Yakutia believes that the acquisition of the factory will have a negative impact on the company’s financial performance, says

Image credit: ALROSA

“There is already a lack of resources. In case “Kristall” is bought by ALROSA, which has a leading position in the diamond industry, the company will first provide its own factory with diamonds,” said Tatiana Kyrbasova, the Head of the Guild.
According to the jewellery sector, ALROSA’s production level fell by 30% after the shutdown of the “Mir” diamond mine, on which the accident had occurred.
The representatives of the industry feel concerned because “Kristall” is in a difficult financial state, thus, buying an unprofitable enterprise may have a negative impact on the company’s financial performance and the dividend payments may fall. This is of great importance for Yakutia, as it is a major shareholder in the company. 
As reported earlier, in May ALROSA received the approval of its Supervisory Board for the acquisition of the “Kristall” diamond cutting factory. It cuts around 300,000 carats a year and generates revenue of around $200 mn.

Victoria Quiri, Rough&Polished