The diamond business is yet bright and has a good future in the coming days

Hitesh Patel, Managing Director of Dharmanandan Diamonds Pvt. Ltd., joined the family business in 1997 to help his father Laljibhai Patel, the founder of Dharmanandan Diamonds Pvt. Ltd. Egged on by its success, Hitesh set up the overseas presence of...

Today

The talk around LGDs is all hype

As a teenager, Luca Luterbacher began to design and manufacture single pieces and individual items for wealthy private family friends from Switzerland and Lichtenstein. In 2017, he finally invested in his own luxury trademark "Luterbacher."...

12 august 2019

Correct adjustment of advertising is the major challenge

At the recent Amberforum held in the Baltic city of Svetlogorsk, Andrey Yanchevsky, Head of the trade representation of the LA VIVION jewelery company shared his opinion with the correspondent of Rough&Polished on the state and prospects of the jewellery...

05 august 2019

Small-scale diamond mining is the future in Botswana – Leon Daniels

Pangolin Diamonds, which is currently the most active diamond exploration company in Botswana, has called upon authorities in the southern African country to include diamonds into the minerals permit for small scale mining operations. Pangolin chief...

29 july 2019

“There has been a strict policy in Israel against LGDs; have been forbidden on IDE trading floor for years.”: Aviel Elia, Managing Director- IDI

Aviel Elia, an attorney by profession, has served as Legal Adviser and Company Secretary of IDI since 2013. As a key member of the Israel Diamond Institute (IDI) management team, he has been involved in developing company strategy and negotiating...

22 july 2019

ALROSA's net profit under RAS for the first half of 2019 decreased to 36.3 billion rubles

08 august 2019

alrosa_logo.jpgALROSA PJSC, the head company of the ALROSA Group, published financial results for the first half of 2019 under Russian Accounting Standards (RAS).
ALROSA's revenue under RAS for the first half of 2019 decreased by 29% compared to the previous year to 89.1 billion rubles, which was due to a general deterioration in the situation on the world diamond market. The decrease in revenue was reflected in the RAS net profit indicator - in the first six months of this year, it decreased by 30% year-on-year to 36.3 billion rubles.
Member of the Board of PJSC ALROSA, Evgeny Agureev, said: “The decrease in revenue compared to last year occurred against the backdrop of significant crisis phenomena in the diamond industry, which are based on a whole range of different reasons. Excessive stocks in the cutting sector generated during the period of high demand and high expectations last year, financing difficulties faced by Indian cutters, the crisis in trade relations between the USA and China, the two largest markets for the consumption of diamond jewelry, the departure of jewelry brands online and, as a result, they don’t have to keep significant stocks of finished products in retail - these and other reasons negatively affected the sales and financial results of all global mining companies. At the same time, the decrease in the volume of products sold by diamond mining companies, along with other measures taken by major players, contribute to a gradual increase in market balance and stabilization of sales.”
IFRS results for the QI 2019 are scheduled to be published in mid-May of this year.