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Alrosa mulls buying Russia’s largest producer of polished diamonds

May 04, 18:03 UTC+3 MOSCOW

Kristall is now fully owned by the state

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MOSCOW, May 4. /TASS./ The Supervisory Board of Alrosa company has found the acquisition of 100% of the shares of Kristall Smolensk Diamonds, the largest Russian producer of polished diamonds, feasible, the company said.

Kristall is now fully owned by the state.

The company will assess the value of the shares and send it to the Federal Property Management Agency and the Finance Ministry.

The Supervisory Board instructed Sergei Ivanov, General Director of Alrosa, to submit a strategy for the development of the Alrosa Diamonds branch not later than in December, "taking into account the decisions concerning the Kristall company that are taken by that time."

In March, the Deputy Finance Minister Alexei Moiseev said that the Finance Ministry is considering privatization options for Kristall Smolensk Diamonds.

Kristall is the only enterprise in Russia, which processes precious stones of all sizes. The enterprise was established in Smolensk in 1965.

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