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...

16 april 2024

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

Norsk Hydro says Russian aluminum threatens LME index

26 july 2023

The London Metal Exchange should reconsider its decision not to ban the use of Russian aluminum in its warehouse network, since the large volume of its stocks jeopardize the status of the reference contract, according to a letter from Norsk Hydro.

The LME stated that it would continue to reflect all relevant government sanctions and tariffs, and monitor any market orderliness concerns in respect of Russian metal.

"We note that all metals of Russian origin continue to be consumed by a broad section of the market, and we will remain vigilant in respect of this matter," the LME said in a statement.

Rusal, the largest aluminum producer in Russia, said that excluding Russian metal from the supply chain would be "extremely disruptive" for the market structure in terms of market liquidity.

"Rusal believes that these comments are aimed at destabilizing the market and encouraging anti-competitive behavior ... therefore, in the interests of a competitor," Rusal was quoted by as saying.

Russian aluminium amounted to 80% of available aluminium inventories in LME-registered warehouses in June compared with 68% in May, 41% in January and less than 18% last October.

Some analysts estimate the discount for Russian aluminium at $100-$300 per metric ton, Norsk Hydro said.

While there are no international sanctions on Russian metal, many consumers are shunning aluminium produced by Rusal, which accounts for 6% of global supplies. 

Alex Shishlo for Rough&Polished