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...

25 october 2021

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

Gokhran may buy ALROSA diamonds worth $1.7 billion

12 may 2020

The Republic of Yakutia, which is one of the largest shareholders of ALROSA, has proposed to sell rough diamonds worth $ 1.7 billion mined by ALROSA to Gokhran, according to Finmarket citing a source familiar with this issue.
This amount reportedly makes up almost 50% of the company's annual revenue. In 2019, the company sold diamonds worth $ 3.34 billion. 

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Image credit: ALROSA


Before the Covid-19 crisis the head of Yakutia, Aisen Nikolaev, suggested that Gokhran should buy rough diamonds worth between $ 500 million and $ 1 billion, which is about a quarter of ALROSA’s annual production.
The current proposal was sent last month and is now pending at the Ministry of Finance.
Gokhran had previously acted as an instrument of support during the crisis, when in 2008 Gokhran bought ALROSA’s rough diamonds worth $1 billion, which was then sold with good profit.
The company said its sales of rough and polished diamonds amounted to $ 152.8 million in March 2020, down 59.5% vs March 2019 ($ 377.1 million). ALROSA earned $ 148.7 million from rough sales (against $ 369.2 million last year) and $ 4.1 million from polished sales (against $ 8.0 million last year).
Totally, the diamond miner raked in $ 904.2 million from sales in the first quarter of 2020 against $ 1.004 million in 2019 (a decrease of 10%). ALROSA also announced that it had terminated long-term contracts with some of its customers.

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