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”

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

Funds holding stakes in ALROSA did not support investments in Severalmaz

27 august 2014
At the annual meeting of shareholders of ALROSA last June, the investment funds having interests in ALROSA voted against the additional RUB 16 billion issue of shares by Severalmaz, ALROSA’s subsidiary, in favor of the parent company, Finmarket reported. This was disclosed in the annual reports published by the SEC and submitted by some funds that became shareholders of ALROSA in the course of the IPO at the end of last year, or later.
Severalmaz, which is developing the Lomonosov Diamond Field in the Arkhangelsk Region financed by the parent company, is currently building the Lomonosov Mining and Processing Integrated Works. Severalmaz is additionally issuing 12,121,212,121 ordinary shares at the offering price of RUB 1.32. ALROSA owns 99.62% of the stock issued by Severalmaz. Last December, Severalmaz commissioned the second phase of its Lomonosov mining division capable to process 3 million tonnes of ore per year. Commissioning of new concentrating facilities will allow the company to ramp up production (forecasted to reach 1.65 million carats in 2014) and increase its share in the total output of ALROSA from the current 2% to 10%. Severalmaz spent $ 710 million in capex from 2004.
The annual meeting of shareholders held by ALROSA approved the purchase of stock additionally issued by Severalmaz. This decision was supported by more than 92% of the shareholders participating in the meeting (the quorum of the meeting being about 88% of the share capital of ALROSA). However, 7.5% of the participants at the meeting voted negatively on this issue.
In particular, the Oppenheimer and Lazard funds voted against the investments into Severalmaz. As of the last reporting date, these funds own 2.2% and 1.5% of ALROSA, respectively. A similar position was held by smaller shareholders of ALROSA, which are BlackRock, Voya (ex-ING U.S.), MassMutual, Nuveen and Mercer.