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...


GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

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Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

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Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

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There is a significant need for smart and technological financial solutions in the diamond industry

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30 august 2021

Experts Note the Recovery of Positive Dynamics for ALROSA

14 august 2009

According to the company’s financial statement, reviewed by Interfax agency, ALROSA’s net loss following the results of FY 2008 amounted to 32.598 billion rubles per IFRS compared to net profit worth 15.981 billion rubles in 2007.
The company’s statement associated the net loss with the reduction of forward contracts in foreign currency fair value, foreign exchange loss on loans and credits in US dollars as well as accumulation of reserves for forecasted payments per forward contracts.
 “ALROSA financial results turned out to be expectedly bad. The decline in financial performance was caused by the increase of cost of financing as well as revaluation of currency contracts,” – Albert Sagiryan, a vice-president at JP Morgan, told Interfax.
At the same time an expert says that the company will be able to lessen its debts by means of non-core assets sale. Interfax quoted the other source as saying that ALROSA’s hydrocarbon assets deal involving their sale to VTB for $620M was at the final point – the company is waiting for money transmission. The source clarified that for VTB “this is an investment project which might be developed by ALROSA itself but now the company is busy with other things.”
The source did not specify the oil & gas assets in question, however previously ALROSA conducted negotiations of the sale of ZAO Geotransgaz and Urengoyskaya Gazovaya Komapnia Ltd. The company also owns two hydrocarbon assets in Yakutia: ZAO Iryelyakhneft and controlling stake in OJSC Sakhaneftegaz, which was subject to judicial supervision late last year.
 “The actions planned in order to sell non-core assets as well improvement of market environment and access to liquidity must result in enhancement of company’s operational and financial results,” – Sagiryan said.
“There are some positive signs. Western market is recovering while it’s primary target market
For ALROSA production,” – the Head of Morgan Stanley investment division in Russia Yan Tavrovsky said. “The company has returned to the market, according to the statements by its management and we regard this as a positive sign.”
We take a positive view on the fact that new President Fyodor Andreyev was appointed at ALROSA and we see that he enjoys support from the shareholders, Previously ALROSA was responsible and punctual in meeting its obligations and we have no reason to wait for  alteration in future,” – he noted.