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

The Strategy Committee of ALROSA Supervisory Board recommends downward revision of 2020 production guidance

25 may 2020

alrosa_logo.jpgThe Strategic Planning Committee of ALROSA’s Supervisory Board reviewed options to cut spending and optimise production as proposed by the management and recommended that the management be guided by proposals envisaging lower output, the company said.
According to preliminary estimates, when implementing measures to reduce production, ALROSA’s production in 2020 may reach 28-31 million carats compared to the initial plan of about 34 million carats due to the crisis in the global diamond market.
The coronavirus pandemic had a major impact on the gem and jewelry market, which began to show signs of recovery earlier this year.
In this context, major diamond producers allowed cutters not to purchase the volumes contracted before in an attempt to pull all players across the value chain out of the crisis while also maintaining the stability of prices in the diamond market. This step requires that the Company show proof of operating and financial resilience, with cost cutting and proactive production management viewed as the key tools for achieving this objective amid the slump in sales.
Production cuts are expected to come at the expense of operations that have weaker margins due to lower diamond quality and price. Temporary shutdown of such production sites will help avoid the build-up of stocks of diamonds least sought after in the market.
Following the suspension of operations at Zarya and Aikhal, the Company’s management took a decision to halt commercial production at the Verkhne-Munskoye deposit. By early June, all operations at the deposit are set to be closed. Mining is expected to resume on October 1, 2020.

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