Lucapa boosts Angola kimberlite exploration with establishment of standalone bulk kimberlite sampling plant

Lucapa Diamond and its Angolan partners are making great strides to improve the Lulo kimberlite exploration programme. Company chief executive and managing director Stephen Wetherall told Rough & Polished’s Mathew Nyaungwa on the sidelines of the Mining...


“In the jewellery art, we express our feelings, emotions and share them with others”

Over 30 years, the MOISEIKIN company based in the Ural area has become a famous jewellery brand. The jewellery and souvenirs of this jewellery house made of precious and semi- precious stones and metals are displayed at museums and in private collections...

20 march 2023

Automatic double upgrade of diamonds is not only a questionable practice but could be systemic fraud – Meeus

HRD Antwerp is under investigation by Belgian authorities following allegations that for every Gemological Institute of America (GIA) stone, which entered their lab for certification an automatic upgrade would be given two colours up and one...

13 march 2023

"At House of Ashish Vijay, diamonds and coloured gemstones will only ever mean stones that carry a storied legacy"

Ashish Vijay, a Dubai-based investor, philanthropist, entrepreneur and businessman with decades of experience in the precious gemstone and luxury jewellery industry, finance and investments sectors, set up his business in Dubai in the year 2013. As the...

06 march 2023

KP should remodel its enforcement, accountability mechanisms if it wants to remain relevant - Fula-Ngenge

The African Diamond Council (ADC) is calling on the Kimberley Process (KP) to remodel its enforcement and accountability mechanisms if it wants to remain relevant and effective. ADC chairperson M’zée Fula-Ngenge told Rough&Polished’s...

27 february 2023

ALROSA may pay an additional 19 billion rubles to the budget in the first quarter of 2023

13 december 2022
The Ministry of Finance of the Russian Federation is preparing amendments according to which ALROSA can pay an additional 19 billion rubles to the budget in the first quarter of 2023, Sergei Romanov, director of the Department of Budget Methodology and Financial Reporting in the public sector of the Ministry, said during a meeting of the State Duma Budget Committee.
"We are currently amending the Tax Code to increase for a limited period, for the first quarter of 2023, the mineral extraction tax by 19 billion rubles for natural diamonds that are mined by ALROSA," he said.
"We have prepared the relevant amendments, on Monday they will be considered at the commission on legislative activity and submitted to the State Duma next week," the Deputy Finance Minister said.
At the same time, the State Duma Budget Committee approved government amendments to the Budget Code, which temporarily, for two months, change the current redistribution of mineral extraction tax from diamond mining to the budget system.
Now 100% of the mineral extraction tax from the extraction of natural diamonds goes to regional budgets. The amendments propose for ALROSA to centralize 46% of the mineral extraction tax in the federal budget from March 10 to May 10, 2023, while 54% of the tax will be paid to regional budgets.
Now ALROSA pays 8% of revenue in the form of mineral extraction tax. Since 2021, the tax is calculated based on the actual selling prices, and not from the prices of the price list of the Ministry of Finance, as before, which in the conditions of rising diamond prices leads to an increase in tax deductions.
ALROSA shares reacted to this news with a decline. On the ninth of December, by 15:00 Moscow time, the company's securities lost about 4%. The Moscow Stock exchange index sank by 0.4%, writes.

Alex Shishlo for Rough&Polished