According to Arkhangelsk regional authorities, the diamond mining company AGD Diamonds has opened its own diamond sorting, classification and valuation facility in the region.
Regional governor Alexander Tsybulsky was quoted by TASS as saying that the strategic move will help strengthen the company's position as a leader in the national and global diamond industry.
"The company-owned sorting facility will form the basis for stable and predictable pricing: it improves the quality of analytics, and more accurately forecasts sales structure and volumes," he explained.
"Since this stage marks the beginning of final product preparation, AGD Diamonds has greater opportunities to flexibly manage its product range and quickly respond to market changes."
The company noted that the opening of the sorting line allows it to control the entire value chain for its diamonds - from mining to valuation - whereas this stage was previously outsourced and required additional costs.
AGD Diamonds is one of the largest contributors to the consolidated budget of the Arkhangelsk Region. According to company management’s estimates, diamond mining brings in approximately 8 billion rubles ($98 million) per year to the region's treasury.
Theodor Lisovoy, Managing Editor, Rough&Polished
