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AGD DIAMONDS issues a report on development prospects for 2018 in line with GRI standards

17 april 2019
agd_diamonds_logo_news.png The AGD DIAMONDS Sustainable Development Report for 2018 is the first non-financial report of the Company. In the reporting year, AGD decided on the annual preparation of non-financial reporting, thereby continuing its course towards increasing the Company's openness and transparency in the international market and ensuring its sustainable development.

The AGD DIAMONDS report for 2018 contains information on the principles and approaches practiced by the Company in doing business, on its key events and results in the economic, environmental and social fields, as well as on corporate governance and interaction with stakeholders.

In preparing its first sustainability report, the Company used the Guidelines of the Global Reporting Initiative (GRI) as the main standard. The report was prepared in line with the basic disclosure version of the GRI Standards. It also covers topics recommended by GRI for the mining and metallurgical industries.

To increase the confidence of stakeholders in the information disclosed in the report, AGD DIAMONDS engaged an independent auditor, which is PricewaterhouseCoopers, to evaluate and certify the report.

In 2018, AGD DIAMONDS started a new phase in developing its business:
  • The Company changed its name and brand, starting a new stage of international positioning and marketing strategy.
  • AGD DIAMONDS merged with Belgium-based Grib Diamonds N.V., which represents AGD DIAMONDS' goods on the international market and is a member of the World Diamond Council and Responsible Jewellery Council.
  • AGD DIAMONDS introduced many important innovations into the production process promising high results in diamond mining and in production of large and especially valuable diamonds.
  • AGD DIAMONDS became an owner of licenses for geological exploration in areas located near the Grib mine, its main diamond field.
  • The AGD DIAMONDS team was supplemented by experienced, goal-oriented people, true professionals in their field.
The withdrawal from LUKOIL Group in 2017 led AGD DIAMONDS to the need to independently assess the scope of activity, determine future development prospects, realize its autonomy and begin to act as an independent market member, have a more serious responsibility to the staff, society, environment and future generations.

AGD DIAMONDS is confident in the success of the new course and the importance of the ongoing changes. This confidence is based on the unchanging traditions of maintaining undeniable product quality, the highest level of organization in the production process, ethical and environmental principles and, of course, on the most valuable treasure, which is the people thanks to whom our business is evolving. We also do not forget about our origins and pay tribute to the memory and deepest respect for the people who discovered our diamond field and launched the main production facilities.

Today, the Company is one of the most modern and technological mining enterprises, occupying a worthy place in the global diamond mining market. AGD DIAMONDS’ proved reserves at the beginning of 2018 accounted for about 3.7% of global diamond reserves. And in terms of production, the share of AGD DIAMONDS over the past three years is within 2.9–3.4% of the global total.

In the reporting year, AGD DIAMONDS showed a steady growth in financial performance. AGD DIAMONDS and Grib Diamonds N.V. increased their sales by 4% in 2018 compared with the previous year.

But the Company places importance not only on high production and financial results, but also on the contribution it makes to the development of the main area of its activity, the Arkhangelsk Province, being a major taxpayer, a partner of regional authorities and a responsible employer. The Company’s tax payments to the country's budget in 2018 exceeded $ 56 million. We care about the inhabitants of the region of our presence not only within the framework of fair tax payments, but also by investing in infrastructure and providing charitable assistance to the local population.

AGD DIAMONDS employs more than 1,100 people, and this is undoubtedly a big responsibility for the Company. AGD DIAMONDS strives to be the best employer in the Arkhangelsk Province, both in terms of wages and attractiveness of social conditions. The Company pays special attention to ensuring the safety of its employees and does not spare efforts and means for this purpose, so the extremely low level of injuries is a logical result.

AGD DIAMONDS pays special attention to the care of nature and preservation of its wealth. In 2018, the Company did not receive any admonitions from the government authorities, there were no fines and injunctions for violating environmental laws. AGD DIAMONDS has been among the leaders of the environmental responsibility rating among mining and steel companies in Russia compiled by the World Wildlife Fund (WWF) and the National Rating Agency.

In 2019, the Company plans to revise its development strategy. We will strive to expand our presence in the international diamond market, improve production efficiency and invest in sustainable development. We will continue our work to improve the system of reporting on sustainable development and our course towards transparency and openness. The report based on GRI standards will not only be a source of information on the results of AGD DIAMONDS activities and its impact on the society and environment for those interested, but also an invitation to an open dialogue.