Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Alrosa’s sales climb but currency hurts profits
Russian diamond miner Alrosa saw diamond sales increase in 2014 but was stung by the sharp depreciation of the ruble.
Moscow--Russian diamond miner Alrosa saw diamond sales increase in 2014 but was stung by the sharp depreciation of the ruble.
According to full-year financials released Monday by the state-owned diamond mining company, it sold 39.6 million carats of diamonds in 2014, a 4 percent increase from the 38 million sold in 2013.
Revenue from diamond sales increased 23 percent to $3.1 billion.
Total revenue, including sales from Alrosa’s other segments, also was up 23 percent, rising from $2.91 billion in 2013 to $3.58 billion, with growth driven primarily by the higher diamond sales, according to the mining company.
However, Alrosa recorded a net loss of $290.1 million during the fiscal year due to foreign exchange losses on its U.S. dollar-denominated debt as the ruble depreciated greatly.
Production for the full year, meanwhile, declined by 2 percent to 36.2 million carats.
The average price of gem-quality rough diamonds sold in 2014 also was down, falling 3 percent from $176 to $171 per carat, as the average price growth in the market was not enough to offset the average price decrease due to a change in product mix.
Alrosa also reported that the cost of production was up 18 percent compared to the prior year.
This was due to an increase in salaries/wages and other staff costs, extraction taxes, fuel and energy costs and materials and services, as well as the depreciation of the ruble.
Alrosa is the world’s No. 1 diamond producer in volume terms and No. 2 in value terms, behind only De Beers.
The Latest
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.