CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
SourcingMar 19, 2019
Alrosa Won’t Reopen Mir Until At Least 2030
The diamond mine has been closed since August 2017, when an accident claimed the lives of eight workers.
Alrosa will soon start work to determine if it is safe and financially feasible to reopen the Mir mine in Siberia, which flooded in August 2017, trapping more than 100 workers and killing eight.
Moscow—Alrosa’s Mir diamond mine won’t reopen until at least 2030, if at all.
On Monday, the Moscow-based diamond mining company said it has to conduct deep-level exploration (down to 1,300 meters/4,265 feet) to determine the mine’s reserves; that exploration is expected to cost about 2 billion rubles ($31 million) and be completed by early 2022.
If Alrosa finds there are enough diamonds to make restoring and reopening the mine financially feasible, then it will take about two years to drill pilot holes that will be used for the creation of deposit-opening design plans.
After that, it will start construction—which will include making improvements to ensure the mine doesn’t flood again—that will take six to eight years to complete.
The timeline puts the mine’s reopening window at 2030-2032.
Mir has been closed since August 2017, when the underground mine flooded, trapping 151 workers, eight of whom couldn’t be reached and died in the mine.
Alrosa said Monday that any decision about further development at Mir “will be based solely on safety considerations and economic viability.”
The announcement about Mir came shortly after the diamond miner released its financial results for 2018, which mirrored those of rival De Beers Group.
Revenue increased—climbing 9 percent year-over-year to 300 billion rubles ($4.66 billion)—on a better sales mix and higher prices, but Alrosa sold fewer diamonds overall. Sales volume was down by 8 percent.
EBITDA grew 23 percent to 156 billion rubles ($2.42 billion). Net profit jumped 15 percent to 90 billion rubles ($1.40 billion).
Alrosa’s strong year came in spite of a weak fourth quarter, with revenue declining 12 percent compared with the third quarter and increasing only 1 percent year-over-year. The company said it sold more industrial than gem-quality diamonds at the end of 2018.
Commenting on the year, Deputy CEO Alexey Philippovskiy said increasing diamond prices and stronger demand in major markets for diamond jewelry, like the United States, as well as increasing efficiency were the key drivers behind Alrosa’s 2018 gains.
S&P and Moody’s upgraded the company’s credit rating to investment grade last year.
Also on Monday, Alrosa executives hosted its Capital Markets Day in London, outlining five strategic priorities the company will focus on through 2024: sustainable development and workplace safety; operational efficiency; maintaining a best-in-class resource base; maximizing shareholder returns; and marketing, including in the U.S., where the company has just tapped Rebecca Foerster, whose background is in marketing, to head Alrosa USA.
More on Sourcing
The Latest
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ RingFrom Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.
GradingMay 23, 2025
GIA Updates Pearl Classification SystemThe lab has adjusted the scale it uses for nacre grading.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the SpotlightSponsored by GCAL by Sarine
Weekly QuizMay 22, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO ShowDavid Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.
FinancialsMay 22, 2025
Watches of Switzerland’s Full-Year U.S. Sales Climb 14% The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 YearsThe family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce JudgesThe nonprofit elected five judges who will decide the winners of its design competition.
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s GuideThis year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ CollectionThe jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.
ColumnistsMay 21, 2025
Edahn’s Take: Analyzing the 2025 ‘$100 Million Supersellers’ List In a special column for the State of the Majors, Edahn Golan breaks down what the top-performing fine jewelry sellers are doing right.
MajorsMay 21, 2025
Beyoncé Dons Brilliant Earth Necklace During Cowboy Carter TourThe bolo tie necklace is inspired by “Queen Bey” and set with a nearly 15-carat black diamond.
MajorsMay 20, 2025
Annie Doresca to Lead DCA as New CEO, PresidentCurrent Diamond Council of America President and CEO Terry Chandler is set to retire in January 2026.
FinancialsMay 20, 2025
QVC Group to Voluntarily Delist from NasdaqThe company's Series A shares will continue to trade following a reverse stock split while its Series B shares will be delisted.
ColumnistsMay 20, 2025
Peter Smith: Leading Through ChangeCommunicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.
IndependentsMay 20, 2025
Luis Morais Opens Flagship, Launches Collection Celebrating 25 YearsThe “Inner Journey” collection debuted as the brand celebrated its 25th anniversary, with designs inspired by Morais’ journey.
MajorsMay 20, 2025
Tanishq Opens Seventh U.S. StoreTanishq is expanding its presence in the United States with a new store in Santa Clara, California, which is its largest in the country.
FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.
Events & AwardsMay 19, 2025
NAJA Opens Scholarship Applications for 2025Two scholarships are available, one for new and non-members and another for NAJA certified members.
IndependentsMay 19, 2025
Day’s Jewelers to Open Ninth LocationThe retailer’s new flagship is set to open in October at the Tuscan Village development in Salem, New Hampshire.
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online StorefrontPlus, parent company Saks Global announces plans to cut ties with up to 600 vendors.
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not DeadPeter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque NecklaceThe necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’sA private American collector purchased the 10-carat fancy vivid blue diamond.
