As has been anticipated for some time now, the Supervisory Board of Russian diamond miner Alrosa has green-lighted the acquisiion of a 100% stake of Production Corporation 'Kristall' from the Russian Federation. The move brings the leading polished-diamond manufacturer in Russia and Europe under the Alrosa Group umbrella. The value of the 100% equity interest in Kristall was determined on the basis of an independent appraiser's report at RUB 1,886 million, approximately US$29 million.
Russian diamond manufacturer Kristall Smolensk has place its replica of the Great Imperial Crown of the Russian Empire on RapNet’s new jewelry platform for $15.5 million. In 2012, the Great Imperial Crown turned 250 years of age.
In a move that should come as a surprise to precisely no one, Russian diamond giant ALROSA has confirmed plans to acquire the country's largest diamond-polishing company, Kristall Production Corporation. Deputy Finance Minister Alexei Moiseyev told PRIME News Agency that a deal has been reached with the Federal Property Management Agency (FPMA), which will be completed by the end of the third quarter of 2018. The market price is still to be determined.
The world's leading diamond producer, Russian diamond miner ALROSA, has let it be known that it is considering the purchase of Russia's largest diamond manufacturer, Kristall Smolensk, to "support the country’s gem-cutting industry and help create a stronger competitor to global group De Beers", Reuters reports. The supervisory board of Russian diamond mining giant ALROSA approved acquisition of 100% of Kristall, the company said in a statement on Friday.
According to an article in The Kommersant Daily, Russia's Ministry of Finance has prepared a 'roadmap' for the development of Russia’s diamond manufacturing industry, which could become one of the biggest reforms in its history. "In particular", the news agency writes, "it is said to be aimed at serious mitigation of state regulation and reducing the tax burden on Russian diamond manufacturers, as well as at expanding their access to raw materials. This threatens to revise the marketing and investment policy of ALROSA and add to its financial burden.
Russia’s largest cut diamonds producer Kristall was included into the 2017-2019 privatization plan, a source familiar with privatization plans told Russia's TASS News Agency on Thursday. Kristall is Russia’s largest producer of polished diamonds and one of the largest diamond cutting companies across the globe.
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.
Russia's State Precious Metals and Gemstones Repository (Gokhran) has started to buy polished diamonds from Kristall of Smolensk, the country's biggest cut diamond producer, said Gokhran chief Andrei Yurin on the sidelines of the Third International Jewelry Economic Forum. "Cut diamonds [of a fairly high quality] are now being purchased from Kristall," he said. "Something like more than half has already been purchased." The Gokhran might buy 3 billion rubles ($45 mil) worth of cut diamonds from Kristall this year, reports have said. Uncut diamonds from Alrosa are not being purchased.
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.