Kristall Looking for Monthly Rough Diamond Supply of $5M
August 31, 04
Kristall of Smolensk, Russia’s largest diamond polisher and a DTC Sightholder, says it wants to polish $5 million worth of rough diamonds monthly, and to get its hands on the goods it is turning to additional sources beyond its traditional suppliers.
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According to Vladimir Rybkin, chairman of the state precious metals and gems reserve Gokhran, the company receives a Sight worth $3 million and bought the rest of its rough diamond needs from Alrosa.
With increased production, the company is turning to additional sources in
Buying rough in the open market is not new to the company, however a company official says Kristall is finding that purchases of this scale is something new and requires learning.
It was only in March that the company revealed it bought $4 million worth of rough diamonds on the open market to meet demand. Kristall’s sales jumped 12 percent to $69 million during the first quarter of the year.