Memorial Foundation of Carl Fabergé continues to fulfill its tasks

Valentin Skurlov, Ph. D., who is an Honorary Academician of the Russian Academy of Arts, professor, scientific secretary of the Fabergé Memorial Foundation, consulting researcher studying the Fabergé heritage at the Russian department of the Christie's...

30 march 2020

Gaetano Cavalieri: We need to protect the long-term health of our industry

The World Jewellery Confederation (CIBJO) represents the entire jewelry industry embracing a whole variety of companies, from those mining precious metals and gems to those, which are manufacturing and selling final products. The confederation...

23 march 2020

Sierra Leone mulls setting up entity to buy diamonds from artisanal miners

Sierra Leone will revise its Mines and Minerals Act that will, among other issues, pave way for the establishment of a State entity that can buy diamonds from artisanal miners, an official has said. The National Minerals Agency of Sierra Leone director-general...

16 march 2020

David Block, CEO of Sarine Technologies believes that AI will play a bigger role in the industry in the next few years

Armed with an MBA degree from the Kellogg-Recanati School of Business, and a Bachelor's degree in Computer Science from the Tel Aviv-Jaffo Academic College in Israel, David Block is the present CEO of Sarine Technologies, a worldwide leader in the...

10 march 2020

Botswana wants to fully participate in research and development led by De Beers

Although the government of Botswana has refused to review its latest demands from the ongoing negotiations for a new sales and marketing deal with De Beers, it has indicated its desire to fully participate in research and development led by the diamond...

02 march 2020

ALROSA offers greater flexibility to its clients

13 march 2020

ALROSA has decided that, starting this week, it will let customers offtake 40% of the initially contracted volume and carry the remaining part over to the end of May 2020. According to the company, such measures were taken amid the unstable market situation, which was greatly influenced by the rapid spread of coronavirus. 

Image credit: ALROSA

“Obviously, amid such market uncertainty, it wouldn’t be right to keep our customers tied to their original contracts. We hope that ALROSA’s flexible sales policy and support measures will help market participants adapt to the new conditions, and pass them successfully through,” said Deputy CEO Evgeny Agureev.
Since the beginning of this year, ALROSA has been taking consistent steps to improve trading flexibility. By the start of its trading session in March, the mandatory amount of rough diamonds required to be bought had been lowered from 55% to 50%. In a stable market environment, for comparison, ALROSA usually sets this at 80% level, as was the case in 2018. Until mid-2019, it was 70%.
It was previously reported that De Beers also offered its customers additional flexibility during the February sales cycle, allowing them to delay the purchase of certain categories of stones.
Both giants of the diamond industry have already resorted to such measures last year, when an overabundance of rough and polished diamonds destroyed profit margins and banks tightened funding.
In early 2020, the market began to show signs of recovery, but a new wave of instability was introduced by the new coronavirus, which undermines the economic stability of many countries.

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