Alrosa, Russia’s state diamond producer, has held back rough diamond supplies this year in a bid to shore up sagging world prices for luxury sparkling gems. With no end to the downturn in sight, the company is taking a new tack, securing long term diamond sales contracts with global jewellery retailers willing to guarantee purchases even in challenging times. Continue reading »
Another week, another iteration to Russia’s constantly-evolving privatisation programme.
At a cabinet meeting on Thursday, Russia’s economy minister announced that the government would now aim to raise Rb260bn ($8bn) to Rb270bn next year with the sale of up to 5 per cent of Russian Railways, 25.5 per cent of lender VTB and 7 per cent of diamond miner Alrosa. Continue reading »
By Catherine Belton and Stefan Wagstyl
The rise of Ziyavudin Magomedov’s Summa Group from little-known oil pipeline builder to co-owner operator of Russia’s biggest ports group is testimony to the appearance of a new generation of oligarchs in Russia, this time with close ties to Dmitry Medvedev, the outgoing president who now serves as prime minister.
Summa is positioning itself to benefit from a new state sell-off of assets being driven by Medvedev that could eventually lead to the biggest transfer of state ownership since the privatisations of the 1990s. Continue reading »