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

Nornickel's revenue drops 15% in 2023 amid falling commodity prices

09 february 2024

PJSC MMC Norilsk Nickel has reported that its consolidated revenue decreased 15% in 2023 year on year to $14.4 billion following the decline of prices for nickel, copper, palladium and rhodium.

Meanwhile, Nornickel sold all metal volumes produced in 2023 as well as a part of stock accumulated in 2022.

EBITDA decreased 21% year on year to $6.9 billion owing to lower revenue while EBITDA margin remained at healthy 48%. Cash operating costs decreased 19% compared to 2022 to $5.3 billion.

Net debt decreased 18% year on year to $8.1 billion with net debt/EBITDA ratio as of December 31, 2023 remained at 1.2.

The company continued the optimization of its debt portfolio to adapt to changing debt market reality while servicing all its outstanding debt portfolio and maintaining comfortable liquidity level on its balance sheet and reserve credit lines.

Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished