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

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

ALMAR – Diamonds of the Arctic push on with IPO

29 november 2023

The diamond mining company still intends to hold an initial public offering, despite the destabilization of the market, Interfax reported with a reference to Andrey Novikov, commercial director of ALMAR and member of its board.

The company wants to start trading shares on the St. Petersburg Stock Exchange, which was included in the US sanctions list in early November 2023. The exchange was included in the SDN list, which effectively isolated the platform from dollar trading, blocked its assets and banned cooperation with American companies.

According to Novikov, PJSC ALMAR – Diamonds of the Arctic is monitoring the situation and is focused on all possible options for further development of the company, including activities in the equity capital markets.

The company holds two exploration licenses in Yakutia: Beyenchimee and Khatastakh. The projected resources of the first deposit are estimated at 1.14 million carats (P1+P2 category), the resources of the second are 7.5 million carats (P2+P3 category).

ALMAR plans to use the funds from the placement on the St. Petersburg Stock Exchange to continue exploration, build the processing plant, and begin diamond mining and sales.

This year, the company's geologists confirmed the reserves estimates of Khatastakh and Beyenchimee deposits. The first project may hold a total of 19 million carats of diamonds to a depth of 70 m; the reserves of the second deposit amount to 2 million carats.

Alex Shishlo for Rough&Polished