Speaking about the approximate $1 billion of rough goods sold by ALROSA and De Beers alone in January, International Diamond Manufacturers Association (IDMA) President Maxim Shkadov writes in GemKonnect that while it is encouraging, it must be borne in mind that the midstream sector is still weak and that most diamond traders yet have to receive payment for their holiday sales. The relatively large volumes, therefore, pose a threat to manufacturers who may now face higher prices for rough diamonds.
International Diamond Manufacturers Association (IDMA) President Maxim Shkadov tells GemKonnect that rather than seeing 2015 as an 'annus horribilis' as recently declared in a commentary on its site, it was a actually "an anno veritatis, a Year of the Truth. Indeed, never before have the deficiencies of the diamond supply pipeline been laid bare so clearly, and yes, so painfully." Shkadov scathingly comments that " neither analysts, nor the overwhelming majority of management of the diamond producers had an inkling about what it takes to be a diamond manufacture."
Maxim Shkadov, CEO of Kristall Production Corp and President of the International Diamond Manufacturers Association, tells Rough & Polished about his company’s performance and comments on the situation in the diamond market.
Maxim Shkadov, president of the International Diamond Manufacturers Association (IDMA) and CEO of manufacturer Kristall Smolensk, told Rapaport News that rough diamond prices need to come down by 15 percent - albeit gradually, so as not to destabilize the market. “Rough prices need to come down to represent a fair value compared to polished but the concern is that if they go down in one shot, polished prices will go down again and the cycle will never stop,” he said.
Kristall Production Corp, Russia's largest diamond manufacturer, aims to reduce its polished output by more than 12.4 percent this year to 106,000 carats valued at $200 million. The firm produced 121,000 carats of diamonds worth $315 million last year, according to company director Maxim Shkadov cited by RIA Novosti.
According to Rough & Polished, Maxim Shkadov, Director of diamond manufacturing company Kristall Smolensk has stated the company will propose the set up of a Territory of Priority Development (TPD) in Smolensk. In an interview with RIA Novosti Shkadov also referred to the idea of integration of the company with ALROSA, which Shkadov believes will benefit all parties.