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24 july 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 news.ykt.ru.

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