Production at Grib Diamond Mine to Increase 16%, Sales To Follow

Mining and Exploration
08/11/2017 17:42

Production from the Grib diamond mine, the source of the stones sold in Antwerp by Grib Diamonds, is expected to reach 4.4 million carats in 2017, representing a 16% increase over the 3.8 million carats last year. This is according to Alexey Genkin, general manager of Grib Diamonds in Antwerp, who informed Rapaport News of the increase during a recent visit to the Israel Diamond Exchange. "The plan is to raise production to 4.9 million carats in 2018, he said in the interview", and indicated that sales should increase in parallel with production. He informed Rapaport that prices up 4.5% since January.

 Earlier this year Lukoil sold its 100% stake in a joint stock company (JSC) that controlled the Grib diamond mine in the north of Russia for $1.45 billion to the holding company behind Otkritie Financial Corporation Bank, but the marketing and sales structure did not change: 5% of production is sold in Russia while the vast majority is exported to Antwerp, where Grib Diamonds is located. Genkin told Rapaport that sales are slightly higher than last year, and said he is satisfied with ongoing demand for Grib’s production. “We have a healthy group of core customers that apply for goods each month,” he said. “Stock levels may be high, but we see clients with a strong customer base of their own, paying competitive prices even in this environment.”