It is the largest yellow rough diamond mined at ALROSA's deposits this year.
ALROSA Mining News
Russian diamond miner Alrosa said on Tuesday that its sales next year would be 1-2 million carats higher than its production in 2019.
As part of its plans to expand into that market, Alrosa will hold its first “True Colour” auction of coloured polished diamonds, during the Hong Kong Gem & Jewellery Fair taking place this month.
The company said that the Dynasty diamond “is the purest of all large diamonds manufactured throughout the Russian jewelry history.”
Total diamond resources are estimated to contain 3.5 million carats of diamonds.
Over 80 percent of the total workforce earn a piece rate of 1 to 25 rupees for each stone they polish and have no social benefits.
The 0.50-carat stone was found at the company’s Karpinskaya-1 pipe, located in the northern Arkhangelsk Region.
Alrosa to auction "football" diamonds, the largest one to be named by fansto auction "football" diamonds, the largest one to be named by fans
ALROSA, the world's largest diamond mining company, offers fans to choose a "football" name for large rough diamond weighing 76.53 carats.
Alrosa's 2018 production is expected at 36.6 million carats but its sales will be higher than its production - at about 40 million carats.
On May 17, Peter Karakchiev, ALROSA's Head of International Relations, was elected as RJC's Vice Chairman at its 2018 annual general meeting held in Moscow.
The global market for polished coloured diamonds is now dominated by Rio Tinto and Anglo American's De Beers. But state-controlled Alrosa aims to compete.
Alrosa has traditionally focused on rough-diamond mining but is gradually changing its business after Sergey Ivanov became CEO a year ago.
Russia's Kristall cuts around 300,000 carats annually and generates revenue of around $200 million.
The United Selling Organization (USO) of ALROSA sold 101 special size rough diamonds with the total weight of 1751.1 carats.
Alrosa's production fell by 17% in the first three months of the year mainly due to the halt of its Mir underground mine and lower-grade ores processed from the Jubilee pipe.
Alrosa's total diamond sales in the first quarter 2018 amounted to $1.606 billion, the company said.
The portable machine screens polished diamonds and jewellery, identifying synthetics as well as treated stones.
The average price of its gem-quality diamonds fell by 9% in 2017, it said, citing "changes in the product mix".
Total diamond reserves, taking into account the explored deposits under the National Reserves Committee standards, increased by 57.8 million carats during the year.
Paul Zimnisky, an independent diamond industry analyst, estimates supply will fall 3.4% to 147 million carats.
In January 2018, ALROSA recovered two gem-quality stones weighing 97.92 carats and 85.62 carats.
The Cullinan Mine is owned 74% by Petra Diamonds Limited and is renowned as the source of very rare blue diamonds and large, high quality gem diamonds.
The Russian state-controlled diamond miner increased fourth-quarter production by 6 percent year-on-year to 10.1 million carats as a shutdown at its Mir mine was offset by higher output at other assets.
Miner aims at selling around 40 million carats of diamonds in 2018 provided market conditions are favourable.
Deal provides the diamond giant with access to a production base outside Russia.