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Russia’s Lukoil to start diamond sales September 2014

June 26, 2014, 16:11 UTC+3 MOSCOW
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MOSCOW, June 26. /ITAR-TASS/. Russian oil company Lukoil will start selling diamonds from its Vladimir Grib deposit in the Arkhangelsk Region in September, CEO Vagit Alekperov said at an annual shareholder meeting Thursday.

“The diamond business will be profitable for the company, margins will amount to 16-17%,” Alekperov said.

Diamonds will be sold at both domestic and foreign auctions. State Treasury Gokhran will evaluate and sell diamonds, he said.

Under preliminary estimates, the reserves of the deposit stand at 100 million carats. The company hopes to produce 58.4 carats through open pit mining in 16 years, Alekperov said earlier.

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