New lending will have to be fully asset-backed with true provenance and transparency in the flow of goods and monies

After handling Gem & Jewellery (G&J) industry financing as a banker for many years, Erik A Jens sees an opportunity now that numerous banks are withdrawing from the sector. He is exploring opportunities to establishing a financing firm focusing...


The majority of women don’t care whether their diamonds are mined or lab grown - Alex Popov, CEO of Âme

Alex Popov, President of the Moscow Diamond Bourse and former Chairman of the World Diamond Mark Foundation (WDMF) launched a new jewelry brand under the name of Âme focused on design and using lab grown diamonds to produce jewelry meant to meet...

14 january 2019

At IDE, we encourage innovation throughout the bourse and have even opened a technological incubator to host start-ups - Yoram Dvash

A first generation diamantaire, Yoram Dvash founded ‘Y Dvash Diamonds Ltd’ in 1991 in Israel. While the company grew and made progress under his leadership, Dvash joined industry organizations such as the Israel Diamond Manufacturers Association (IsDMA)...

09 january 2019

Cooperation and collaboration are the development trend of today

Pavel Grankin runs the Slava Group of companies and holds the Slava trademark (‘Slava’ means ‘Glory’ in Russian). He has graduated from the Mozhaisky Military Space Academy. He did his military service at the Plesetsk Сosmodrome from 1987 to...

04 january 2019

De Beers speaks on Zim invitation to explore for diamonds again

De Beers’ exploration team landed in Zimbabwe in 1993 and left in 2006, however, they first prospected for diamonds in Marange in the late 1990s. Harare, under the leadership of the then president Robert Mugabe, alleged that De Beers looted diamonds...

24 december 2018

ALROSA’s Mir mine will not be restored in the next two years

09 november 2018
The projected capex of ALROSA for 2019 and 2020 does not include funds for possible restoration works at the Mir diamond mine, as the decision to restore it has not yet been made, according to SakhaNews news agency citing TASS.
“Yes, we confirm our current vision of the company’s total capex for 2019 and 2020 in the amount of 26 and 28 billion rubles respectively. I draw your attention that these figures do not include any investments related to possible restoration of the Mir mine, the decision on which has not been made so far,” said Alexey Filippovsky, Deputy CEO of ALROSA at a telephone conference call, according to the news agency.
The Mir kimberlite pipe was discovered in 1955 and then it was developed as an open-pit mine until 2001. The Mir underground mine was commissioned in August 2009 in the presence of Vladimir Putin, the then Prime Minister of the Russian Federation. ALROSA spent 22 billion rubles for the construction of the underground mine. Its capacity was 1 million tons of ore per year. The company planned to continue mining operations at Mir for more than 30 years. However, mining at Mir stopped in August 2017 due to an accident that led to its flooding.
Nikolai Pokhilenko, Director of the Sobolev Institute of Geology and Mineralogy at the Siberian Branch of the Russian Academy of Sciences noted at one time that the residual reserves of diamonds at Mir are very large, its ore is rich, and the recovery makes economic sense, since ALROSA has not so many diamond deposits of this class. Vladimir Dyukarev, who held the position of First Vice President - General Director of ALROSA from 1995 to 2002, also spoke in favor of restoring the Mir mine.

Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg