Young Diamantaires: We create initiatives for the benefit of diamond communities worldwide

The World Federation of Diamond Bourses recently launched its Young Diamantaires website. The organization has worked for the past four years with young members of the diamond community all over the world to create a platform through which they can express...

29 june 2020

Those who implement the right anti-crisis strategies have more chances

It is not surprising that because of the pandemic and the crisis, the most heated debate in the jewellery industry is about what is happening and the possible ways of survival. Irina Slesareva, an expert, art director of the Russian Diamond Line contest...

22 june 2020

The secondary diamond market in Russia is not mature although its prospects are huge

Pavel Barannik, the founder and head of the Moscow Gemological Laboratory, the founder of the Gemological Institute and President of the Moscow Diamond Club, graduated from the Gemological Institute of America (GIA). He is an expert and consultant...

15 june 2020

Johan Erikson: The industry needs to spend more on advertising and marketing

First Element is a fully independent Diamond Services Company registered in Belgium, Botswana, South Africa and Dubai. First Element is committed to providing a world class diamond service aimed at adding value to the entire supply chain, from the daily...

08 june 2020

African diamond firms on COVID-19 response, recent developments

Rough & Polished recently contacted several diamond producers and exploration companies with operations in Africa to establish how their operations were affected by the Covid-19 pandemic and what they are doing to alleviate the impact. We also sought...

01 june 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