Archive

  • 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.

  • Russia's leading oil and gas company Lukoil has reported revenue from sales of rough diamonds from its Grib Mine in Russia in the amount of nearly $340 million (RUB 20 billion) for the year 2016, representing an 82% increase over the $186m (RUB 11bn) in 2015 (see link to financial statement, p.25).

  • Rough diamond industry analyst Paul Zimnisky, whose Diamond Analytics website brings you the Rough Diamond Index, has assembled a Diamonds 2016 Year in Review quiz. Courtesy of Paul Zimnisky, we invite you, our dedicated readers, to test your knowledge of diamond industry developments in 2016 with this 20 question quiz.

  • Lukoil has sold its 100% stake in a joint stock company (JSC) that controls a diamond mine in the north of Russia for $1.45 billion. The sale of Arkhangelskgeoldobycha to the holding company behind Otkritie Financial Corporation Bank is expected to go through early next year. The JSC is developing the VP Grib diamond mine in the Arkhangelsk region, which was discovered in 1995.

  • Russia's leading oil and gas company Lukoil has reported revenue from sales of rough diamonds from its Grib mine in Russia in the amount of $62.5 million (RUB 4bn) for the third quarter of 2016, representing a 33% increase over the $46.9m (RUB 3bn) for the same period in 2015. Rough diamond sales for the first nine months have more than doubled to $234 million (RUB 15 bn) from the $109m (RUB 7 bn) for the first the nine months of 2015.

  • The United States Supreme Court became the seventh separate court to agree with PJSC LUKOIL (Grib Diamonds is a 100% owned subsidiary of LUKOIL) that Archangel Diamond Corporation (ADC) Liquidation Trust’s case against LUKOIL could not be pursued in the United States. By this decision the Supreme Court has put an end to ADC’s pursuit of any further litigation in the United States. The verdict of November 7, 2016 is final and non-appealable. The case was initially filed in November 2001 in Colorado State Court.

  • The month of November in Antwerp is replete with rough diamond tenders and auctions from a full range of mining companies, including eight tenders from auction houses Bonas, DDA Trading, KOIN InternationalFirst Element and iHennig, three auctions by mining companies Rio Tinto (Diavik & Arg

  • Grib Diamonds is a 100% owned subsidiary of LUKOIL and a relatively new player in the rough diamond business, having started its operations in Antwerp in May 2014. Grib Diamonds markets the production of the Grib Diamond Mine, which is owned and operated by oil and gas company LUKOIL. With estimated reserves of 91.5 million carats, it is the 8th largest diamond mine in the world, the 4th largest in Russia and the only major one in Russia that is not operated by ALROSA.

  • The Russia-based miner posted a fourfold increase in diamond sales in the first quarter from its Grib mine in Russia to $124 million in the first calendar quarter from $31 million a year before. Production at Grib began in September 2014 and the miner said annual output was seen rising eventually to 4.5 million carats from 2 million carats in 2015. Lukoil’s revenue from diamond sales last year were $162 million. 95% of Lukoil’s diamonds are sold via its Antwerp subsidiary Grib Diamonds.

  • Russian oil company Lukoil’s revenue from diamond sales hit $162 million (RUB 11 billion) in 2015 as the company increased output at its Grib mine, according to an earnings report cited by Rapaport News. Lukoil commissioned its diamond project at the Vladimir Grib deposit in the Arkhangelsk Region of Russia in June 2014, and sells the majority of its diamond output through its Antwerp-based Grib Diamonds subsidiary. About 20 percent of the goods are sold independently in Russia.

  • Rough diamond analyst Paul Zimnisky takes a comprehensive look at the current and projected output for the entirety of the diamond mining industry, concluding that "2016 global diamond production by-volume is forecast to be 137 million (M) carats, or +1.3% over 2015 estimates," despite efforts by De Beers and Rio Tinto to limit global diamond supply. Stable Russian production, new mines, and production increases by Dominion Diamond Corp and Petra Diamonds in particular, he writes, will serve to offset these efforts.

  • Lukoil will continue to operate the Grib (Verkhotina) diamond project independently, reports Interfax. The diamond business is now self-supporting. Its profitability now ranges between 16% and 19%," said Vagit Alekperov, President of Lukoil, Russia's largest independent oil company. "The company carries all the costs of the project in rubles, while selling the diamonds for dollars." Lukoil is not currently trying to find a buyer for this non-core asset, he added. "There won't be a buyer. We're not even trying. This is a strategic asset.

  • Interfax reports that Lukoil's revenue from diamond sales for the first nine months of 2015 was $122m. In Q3 this year, revenue was $41m. “In the third quarter of 2014, the volume of sales of diamonds was relatively insignificant," Lukoil said. This is because Lukoil only began operations at the Grib open-pit diamond mine at the start of June 2014, making this its first full year of operating the Grib mine. Grib is situated in Arkhangelsk, Russia and is owned by Arkhangelskgeoldobycha, a subsidiary of Russian oil company Lukoil.

  • "+$1M Rough Diamonds sold in today's Grib Diamonds auction"

    Market sources (unconfirmed)

  • ALROSA Supervisory Board approved the participation of ALROSA in the would-be Diamond Producers Association (DPA). The project is at the stage of preliminary negotiations and the parties involved are now mulling over possible activities the DPA may pursue, including a shared research and data base for the diamond-mining sector and possible measures to market polished diamonds as a jewelry product.

  • In this week's editorial Rapaport's Avi Krawitz comments on the state of the industry. While the industry's major mining companies gathered at Rio Tinto's London HQ earlier this month, with representatives from De Beers, ALROSA, Dominion Diamond Corporation, Grib Diamonds, Petra Diamonds, Lucara Diamond Corporation and Gem Diamonds all in attendance, it is clear the diamond mining companies need to play their part to ensure profitability throughout the distribution chain.