Most people see great potential in the growth of LGD jewelry market

Currently Wayne Wang-Wang Yichun is the General Manager, LUSANT - Incubation Project Management Department of Yuyuan Jewelry Co., Ltd. He was the General Manager of Shanghai Yuyuan Jewelry Co., Ltd - A Fosun Group Company; and General Manager of international...

20 june 2022

De Beers sees good potential for exploration activities in Angola

De Beers recently signed two mining investment contracts (MICs) with the Angolan government for licence areas in the provinces of Lunda Norte and Lunda Sul. The MICs for the two licence areas are for the award and exercise of mineral rights covering...

13 june 2022

Ali Pastorini: The jewelry consumer does not evaluate the brand only by price

Ali Pastorini is the co-owner of Del Lima Jewelry and President of Mujeres Brillantes, an association that brings together more than 1,000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

06 june 2022

“We aim to bring in a different kind of a jewellery experience for the consumers,” says Vaishali Banerjee, Managing Director, PGI-India

Vaishali Banerjee made a shift from the advertising and marketing industry to the jewellery industry to create category awareness for a metal that was lesser-known in the subcontinent. Initially, it was all about category creation in a vibrant, mature...

30 may 2022

Demand for large lab-grown polished diamonds will grow in high-income countries

Anastasia Shramko is an expert in precious stones, rough and polished diamond market, and an analyst. She is an author of the course “Lab-Grown Diamonds: Gemology and the Market” conducted on the site and in collaboration with the GemAcademia (International...

23 may 2022

Gokhran may get the right to export precious stones and precious metals

23 june 2022
(finmarket.ru) – It is proposed to give the Gokhran, Russia’s state repository, the right to sell precious metals and precious stones from the State Fund of Russia in international markets, judging by the materials prepared for the meeting of the Government Commission on Legislative Activity, which considered the relevant bill on Monday.
Currently, the Gokhran may only sell precious metals and precious stones to buyers in the domestic market. This, however, did not prevent ALROSA's foreign clients last year — helped by the company acting as an intermediary — from purchasing large amounts of diamonds from the Gokhran against the backdrop of a shortage in the diamond market.
The reason for the expansion of the Gokhran's functions is the privatization of JSC Almazyuvelirexport (formerly a federal state unitary enterprise; now 100% of the JSC's stock belongs to the Russian Federation), the media communication of the Russian Federation Ministry of Finance explained to Interfax. Almazyuvelirexport is authorized to export valuables kept in the State Fund, as well as rough diamonds, precious metals and precious stones of the constituent entities of the Russian Federation and sell representative lots of rough natural diamonds.
Almazyuvelirexport in post-Soviet times and until 2009 had the exclusive right to export precious metals from the Russian Federation. Norilsk Nickel's platinoids and the Central Bank’s stocks were exported through this company. Now Almazyuvelirexport is exporting control lots of diamonds from ALROSA and AGD Diamonds to determine their market value for accounting purposes required by relevant government agencies. About 5% of ALROSA's diamond sales go through Almazyuvelirexport, which were estimated at 332 billion rubles in 2021.
In the future, the function of selling control lots of diamonds may go to the Gokhran, Deputy Finance Minister Alexei Moiseev said at the end of last year. The meaning of this function is that, by carrying out parallel sales, the state would be 100% convinced of the absence of transfer pricing in the sale of diamonds, he explained.
The Gokhran made large sales of rough diamonds worth about $230 million last year (and another $154 million in March of this year). At least 70% of this rough was purchased by ALROSA on behalf of its long-term clients - members of the ALROSA Alliance.