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

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

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...

13 september 2021

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...

06 september 2021

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

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

Evraz Failed to Agree upon Deferred Payment to ALROSA

15 april 2014

Evraz did not manage to come to timely agreement with ALROSA in respect of postponement of RUB 2.97 billion payment for the share in MMC Timir to 2016.
As Kommersant newspaper revealed, the mining company demanded that its project partner effected prompt payment of about RUB1.5 billion and penalty interest rate of Libor + 5% for each day of delay in payment.
This was announced by a source close to one of the parties involved, saying that the appropriate letter was written by ALROSA’s President Fyodor Andreev and addressed to the parent company Evraz Plc registered in London.
The Kommersant’s source said that ALROSA acts “merely within the scope of formal procedures.”
“Decision on configuration of the transaction is in the competence of the shareholders and the company’s management is not entitled to adjust its parameters on their own,” - the source said. ALROSA and Evraz did not comment on the situation. A source in Evraz assured that “despite the claim of ALROSA, which is treated as purely technical, the company expects to reach agreements to defer payment soon.”
Oleg Petropavlovsky of BKS agrees that ALROSA’s demand can be considered as formal with no final agreement between the parties reached yet, and the state-controlled company “simply must act in accordance with corporate procedures.” But the analyst believes it is not critical to Evraz to pay RUB1.5 billion to ALROSA – as of the end of 2013 at the metallurgical company had $1.6 billion of available funds.