Part 2: KPCSC wants Russia to help end impasse on new definition of conflict diamonds

In the first installment of this two-part exclusive interview with Shamiso Mtisi, the coordinator of the Kimberley Process Civil Society Coalition (KPCSC), we focused on illegal diamond mining in the continent and where the contraband ends up...

Today

Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

18 october 2021

The jewelry industry in Russia needs to be upgraded in a serious way

Dina Nasyrova is a vice-president of the International Jewelry Exhibition-Congress J-1 recently hosted by the Atrium of Gostiny Dvor in Moscow. As a partner and the Muse of the famous jeweler Ilgiz Fazulzyanov, she actively participated in the preparation...

11 october 2021

Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

Zulu Ghevriya, the CEO and Co-Founder of Smiling Rocks, Founder of Vedantti Jewellery and Managing Director of Prism Group has been in the diamond and jewellery industry for over 20 years. Zulu started his business, Prism Group, as a natural diamond...

04 october 2021

Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

27 september 2021

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. 

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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