During a press conference with Yury Trutnev, Russian Deputy Prime Minister and Alexander Kozlov, Minister for the Development of the Far East and the Arctic held on Tuesday at Interfax, the participants raised the issue of diversifying ALROSA's business.
The Deputy Prime Minister said that he would not impose diversification on ALROSA, although he was concerned about the future of the diamond market, Interfax reported. “I haven’t received any feedback from the company [in response to the idea of diversification]. I'm definitely not going to impose any policy on the company. I understand perfectly well that from the point of view of valuations on the stock exchange and in business, this is a risky option,” Trutnev said.
“But it seems to me that the future of diamond jewelry is at high risk due to the production of man-made diamonds. It seems to me that ALROSA needs to think about the future in more detail,” Trutnev added. “The company has management, there is a board of directors headed by Anton Siluanov. Let them make a decision. But I am worried about the fate of the company, because this company is pivotal for Sakha-Yakutia, as a huge part of this republic's budget and a large number of jobs depend on it,” the Deputy Prime Minister noted.
“Therefore, I would like the company to stand firmly on its feet, so that the greatest possible economic effect from mined diamonds remains on the territory of the Russian Federation. Therefore, I have long and systematically been pushing for the development of diamond manufacturing,” he said, noting that the movement towards deeper positions in diamond processing has begun with new diamond manufacturing centers created in Vladivostok and Yakutia.
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