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

Polyus increases gold production and profit in 2023

29 february 2024

Russian gold mining group PJSC Polyus increased gold production in 2023 by 14% to 2.902 million ounces, and achieved a strong increase in profits.

The company's adjusted net profit jumped by 59% to $2.413 billion during the reporting period. Revenue increased by 28% to $5.436 billion. EBITDA was up 51% to $3.889 billion compared to 2022.

The group's cash costs decreased by 25% to $389 per ounce. Total costs (AISC) decreased by 23% to $754 per ounce.

The company noted that strong financials were the result of the weakening of the ruble, an increase in the gold content at processing plants in Krasnoyarsk, as well as a greater effect from the sale of by-products.

Polyus expects that its gold production in 2024 will decrease to 2.7 - 2.8 million ounces due to lower grades at the Olimpiada deposit.

PJSC Polyus is the largest gold producer in Russia. The company is also among the largest gold miners in the world in terms of volume and reserves. The group's enterprises are located in the Krasnoyarsk Territory, Irkutsk and Magadan regions, as well as in the Republic of Yakutia.

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