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...

19 august 2019

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 diamond sales halved in July

09 august 2019

ALROSA Group’s July 2019 sales of rough and polished diamonds accounted to $170.5 million in value terms, according to a press release distributed by the company on Friday. Rough diamond sales were $164.6 million, polished diamond sales came at $5.9 million.
Compared with the diamond miner’s sales in July 2018, which amounted to $339.1 million, this year's indicator decreased by half - due to a decline in rough sales, which plummeted by 50.6% compared to July 2018, when the company netted $ 333. 8 million from rough sales. Polished sales in July of this year increased by 11.3% (from $ 5.3 million in 2018) but turned out to be weak compensation for the decrease in the sales of underlying goods.
“A significant decline in diamond sales was attributable to a number of factors including a sizable level of diamond inventory overhang in the midstream built-up last year on abnormally high demand growth. This factor was exacerbated by a low availability of credit facilities issue experienced by the mid-stream, trade tensions between USA and China, and other factors,” explained Evgeny Agureev, Director of the United Selling Organization ALROSA, member of the Executive Committee adding that ALROSA’s price over volume strategy offers more flexibility and accuracy when it comes to defining sales, hence holding back pressure on the market. “Recent statistics on the net imports of rough diamonds to India and net export of polished diamonds from this country suggest that the diamond market is gradually coming back to supply-demand balance,” he said in conclusion.
According to Finmarket, ALROSA shares on the Russian stock market fell in price and on Friday were worth just over 74 rubles per share.

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