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

Polymetal finalizes sale of its Russian assets to Mangazeya Plus

11 march 2024

Gold mining company Polymetal has closed a deal to sell 100% of the shares of its Russian subsidiary Polymetal JSC for $3.69 billion.

Of these funds, $278 million will be used for general corporate needs, and approximately $1.151 billion will be used to fully repay the debt to Polymetal JSC. Upon closing of the transaction, Polymetal's net cash position will be approximately $130 million.

Earlier on March 7, Polymetal's board of directors approved the sale of its Russian business to Mangazeya Plus JSC by a majority vote.

“We are glad that shareholders supported the sale of the Russian business. With the closing of the transaction, the main risks have been mitigated and now management plans to present a new strategy and capital allocation policy in May,” said Polymetal's CEO Vitaly Nesis.

Meanwhile, the strategy of the Russian company Polymetal JSC will remain unchanged, says the company’s general director Sergei Cherkashin.

The Mangazeya group of companies, which includes the Mangazeya Plus subsidiary, is owned by businessman Sergei Yanchukov. It mines precious metals and has been operating in the Trans-Baikal Territory since 2011. The group's total resource base is about 400 tons of gold.

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