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.

Yesterday

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

Polymetal sells its Russian assets to Mangazeya Plus for $3.69 billion

21 february 2024

The Polymetal holding entered into an agreement to sell its Russian business, valued at $3.69 billion including debt, to the Mangazeya Plus company. The deal will be closed by the end of March 2024, the company said in a statement.

The transaction amount consists of a total cash consideration of $1.479 billion, which must be paid from JSC Polymetal (Russia) to Polymetal Int. All payments will be made in Russian rubles through financial organizations that are not targeted by sanctions.

After the announcement of the deal, Polymetal shares fell for two days in a row.

Polymetal's plan to sell Russian assets emerged after the company was included in the US sanctions list. In order to eliminate risks associated with restrictions, the holding company re-registered from Jersey Island to Kazakhstan.

According to the group’s CEO Vitaly Nesis, Polymetal decided not to consider Russian companies that are more or less under sanctions from Western countries as buyers for its assets.

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