“We are building a new state-of-the-art tender facility,” says Ahmed Bin Sulayem, Executive Chairman, DMCC

Ahmed Bin Sulayem certainly needs no introduction being widely popular globally as one of the leaders of modern Dubai. As the Executive Chairman of DMCC, Ahmed Bin Sulayem has played and continues to play a key role in establishing and positioning DMCC...

20 may 2019

De Beers scaling up Tracr ahead of formal launch

De Beers tracked 100 high-value diamonds along the value chain during the pilot of Tracr™, its industry blockchain platform, for the first time in May last year. A De Beers spokesperson Bianca Ruakere told Rough & Polished in an exclusive interview that...

13 may 2019

The perfect couple - platinum and diamonds

The Jewelry House of Leon Megé located in New York has long been firmly established in the jewelry market as a source of magnificent jewelry, in which platinum and diamonds often sparkle being married together and attracting everyone’s eyes, but are...

06 may 2019

The technology of growing single-crystal diamonds has now become industrial in nature

It is believed that the reserves of natural diamonds will be exhausted by the middle of the century, and therefore production of synthetic diamonds is rapidly gaining relevance. According to Business Insider India’s estimates, the global synthetic diamond...

29 april 2019

De Beers only selling Elizabeth Bay Mine in Namibia, move to sustain operations beyond 2019

Namdeb Holdings, a 50/50 joint venture between the Namibian government and De Beers is not selling Daberas, Sendelingsdrift and Southern Coastal mines in the southern African country. It had been alleged that Namdeb was planning to close and offload...

22 april 2019

ALROSA and Chow Sang Sang of China to trade in euros

14 march 2019

Mining major ALROSA finally succeeds in convincing a Chinese customer to deal with it in a currency other than US dollars, says a report in South China Morning Post.
Evgeny Agureev, ALROSA’s director of sales told the Post on the sidelines of the Hong Kong International Jewellery Show that it had signed up Chow Sang Sang Jewellery on a long-term contract this year but did not disclose details such as volume and prices. However, both the companies will trade in euros as part of a pilot project, according to officials at both companies.
Chow San Sang’s signing is a positive start for the Mirny, Sakha Republic-based ALROSA amid a slowing Chinese economy and an ongoing trade war with the US, but not been immune to slowing sales on the mainland.
Agrureev told the Post, “The China market is very important for us. Selling directly here has been a difficult journey, as people here like to start with small quantities and gradually build up their trust,” Agureev said. “Sales are likely to improve in April once there is some clarity on the trade talks and global economic outlook.” The company has set itself a sales target of $180 mn in China. China accounts for 4 per cent of ALROSA's total sales, according to the report.

Aruna Gaitonde, Editor-in-Chief of the Asian Bureau, Rough & Polished