Sourcing

Citing health concerns, Alrosa president steps down

SourcingSep 21, 2014

Citing health concerns, Alrosa president steps down

Alrosa, one of the world’s largest diamond mining companies, announced that President Fyodor Andreev is resigning for medical reasons. 

Moscow--Alrosa, one of the world’s largest diamond mining companies, announced that President Fyodor Andreev is resigning for medical reasons. 

The Moscow-based miner said in a short statement that Andreev announced his decision Monday at the company’s weekly management meeting. First Vice President Ilya Ryashchin will take over as acting president of Alrosa while the 47-year-old Andreev will remain a member of the company’s supervisory board. 

Alrosa could not immediately be reached for further comment on Andreev’s future replacement or his resignation. 

Online Russian news website Kommersant reported in June that Russia’s deputy prime minister had been opposed to extending Andreev’s contract. In September, the Russian Finance Ministry, Federal Property Management Agency and Audit Chamber started a probe into Alrosa transactions, according to Kommersant. 

Andreev has been CEO of Alrosa since July 2009, taking over after the ouster of Sergey Vybornov

During his tenure, the company went public and began trading on the Moscow Stock Exchange, and also began a push to increase its visibility around the globe, including in the United States. Alrosa signed an agreement to sell any big, high-quality diamonds it mines through Sotheby’s and began holding regular rough tenders in New York. 

The company’s stated goal is to overtake De Beers’ as the world’s largest producer of diamonds by value by 2018. (Alrosa already is the world’s largest diamond producer in volume terms.)  

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

CollectionsJun 18, 2021
Piece of the Week: Colette’s Rainbow Eye Pendant

It’s a new addition to the designer’s charm collection.

FinancialsJun 18, 2021
Jewelry Sales Surge in May, Says Mastercard

U.S. jewelry sales were up more than 200 percent year-over-year in May while also exceeding pre-pandemic levels.

Recorded WebinarsJun 17, 2021
Watch: How to Ace the Branding Game

Simon Mortimer offers must-know branding basics for companies that are just starting out or looking for a refresh.

Brought to you by
How to Engage and Sell to Millennials

Millennials were once feared in the diamond industry, but now this younger generation has become today’s largest diamond buying demographic.

CollectionsJun 17, 2021
Foundrae Has an Epic Charitable Giveaway in Honor of Juneteenth

All proceeds of “Juneteenth Medallion” sales, as well as raffle tickets, benefit organizations that support BIPOC.

Weekly QuizMay 20, 2021
This Week's Quiz
Test your knowledge of jewelry news from the week of June 14-18, 2021.
Take the Quiz
MajorsJun 17, 2021
Mall Owner Washington Prime Group Files for Chapter 11

The company is implementing a restructuring plan after struggling amid the COVID-19 pandemic.

TrendsJun 17, 2021
Amanda’s Style File: For the Fellas

In honor of Father’s Day, Amanda Gizzi rounds up gifts for Dad.

Brought to you by
A New Golden Age

Gold has had its share of ups and downs over the last 5 decades. Here’s why the metal is having another big comeback.

Events & AwardsJun 17, 2021
Jewelers for Children Brings Back Live Events in Vegas, Dallas

There will also be a virtual component for those not in attendance.

×