Russian diamond producer re-elects CEO

Russian diamond producer Alrosa has unanimously re-elected Pavel Marinychev as CEO and chairman of the managing board for another three-year term.

Marinychev joined Alrosa in 2016 and became CEO in 2023. That same year, the US State Department sanctioned him as part of measures restricting Russian access to finance during the war in Ukraine, freezing his US assets and prohibiting related transactions.

Prior to leading the company, he oversaw its subsidiary, Almazy Anabara. He also served for more than six years as first deputy chairman of the Yakutia regional government.

In recent weeks, Alrosa stated that both the rough and polished diamond markets are showing signs of recovery after a challenging few years. In the first three months of the year, the company increased prices on almost half of its regular diamond assortment, to varying degrees.

“Demand and prices for large rough diamonds and diamonds weighing over 3 carats stabilised last year,” Marinychev said.

“In recent months, amid declining global production, the shortage of rare and large stones has become increasingly noticeable.”

Alrosa remains affected by the war in Ukraine, facing Western sanctions and restrictions on diamonds and on the company, in which the Russian government holds a 33 per cent stake.