Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

Yesterday

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Russia's nickel trade with China grows as contracts to roll over into Shanghai exchange

21 june 2023

China's refined nickel imports in May grew rapidly from the previous month as Russian producers started to trade on Shanghai Futures Exchange (SHFE) in their 2023 futures in yuan.

In January-April this year, Russian nickel shipments to China amounted to just 4,961 metric tons from 11,328 tons in the same period a year earlier. In May however exports surged to 7,026 tons, customs data showed.

Russia is the world's biggest producer of refined nickel while China is the biggest consumer of the metal which is used in stainless steel production and in renewable energy sector. According to Reuters, Chinese buyers entered negotiations with Russian nickel producers in a bid to escape the higher pricing of deals using London Metal Exchange (LME) contracts as a benchmark and turn to SHFE futures market instead.

As a result of buyers reaching agreement on 2023 supply contracts, nickel trade between Russia and China skyrocketed. Two of the sources cited by Reuters said Russia's Nornickel, the world's biggest producer of refined nickel, is now selling some nickel priced against SHFE contracts to Chinese buyers in yuan. Nornickel declined to comment, citing the "commercially sensitive" nature of the subject.

Nickel stocks in SHFE warehouses sank to a historic low of 560 tons on May 26. Stocks then rebounded to 4,221 tons by last Friday, thanks to the higher shipments from Russia.

Theodor Lisovoy for Rough&Polished