Vladimir Zboykov: New times have come for jewelers

How a personal collection of minerals was thrown on the scrap-heap, who is behind the destruction of gemstone consumption culture in Russia and why jewelers will soon have to choose between business and prison – all this was told to Rough & Polished...

Yesterday

Changing preconceptions in the diamond and financial markets

Eli Avidar is a man on the move…literally. In April, the former Israeli diplomat stepped away from the CEO’s office at the Israel Diamond Exchange, a position he had held for more than two years, and from the Israel Diamond Institute, where he had been...

13 august 2018

Chasing a dream…

Elina Chan, MD of Shenzhen Shi Qing Yu Zhubao Ltd completed her higher education from Xiamen University and Master’s degree from Hong Kong University. To achieve her dream to start a business, Elina gave up numerous job opportunities in Hong Kong and...

06 august 2018

Pangolin Diamonds using termites to find kimberlite indicators in Botswana

It is not a secret that the rate of kimberlite discovery in Botswana has dropped considerably and research has shown that termites can help diamond explorers have an understanding of the transport mechanism of kimberlite indicator minerals from the kimberlite...

30 july 2018

In another fifty years, we’ll have a different scale of valuation, and all those items of natural origin – including diamonds – will sharply increase in price

Within the framework of the Qatar-Russia 2018 Year of Culture, the World Diamond Museum hosts an exhibition of the Qatar Museums at the State Historical Museum in Moscow – "Pearls: Treasures of the Seas and the Rivers," that opened on 11 July...

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.

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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