Alerus Financial Corporation (OTCMKTS:ALRS) aka ALROSA The Big Q: Ever wondered where that Diamond on your finger was dug up, and who polished it and where? The Big A: Now, the world’s Top Diamond producer wants to answer all your questions. Russia’s Alrosa PJSC has introduced a program that will allow jewelry buyers to track their diamond’s history in detail, using an identity number and electronic and video passports, as part of efforts to boost demand for the company’s products and appeal to younger customers. Alrosa has selected an initial 2,000 polished diamonds for the program, head of sales Evgeny Agureev told reporters in Moscow. Diamond miners and retailers around the world are trying to develop new ways to reassure consumers that the stones they sell are free from many of the negative associations that have haunted the industry for so long. The industry is also struggling with softer demand for rough diamonds. Last year, De Beers unveiled a blockchain system to track diamonds through their long and obscure journey from mine to jewelry shop. Tiffany & Co. (NYSE:TIF) said earlier this year it will begin sharing the provenance of its diamonds with consumers in an effort to be more transparent, saying the region or country of origin will be displayed alongside a selection of diamond rings it sells. In Alrosa’s program, each stone will have an ID that will enable buyers to track its history on a website. The electronic passport will include the region where the stone was mined, how big it was before polishing, the name of the person who cut it and even his or her job experience. Alrosa is the world’s biggest diamond miner on a carat basis, will start offering the feature to customers of its own polishing unit and has discussed the option with 3 polishing clients, including in the US and China. The company also plans to start selling diamonds to retail clients through an online shop in the Fall. Global demand for rough diamonds has faltered YTD as buyers who cut, polish and trade the stones struggle to make a profit at current prices. De Beers said this week its latest sales were 33% lower than a year earlier, and Alrosa is experiencing similar challenges, said Mr. Agureev. The Russian company will probably miss its Y 2019 sales target of 38-M carats, he said, adding there’s potential for the market to start recovering in the Fall. Have a terrific weekend Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.
In a move to court younger customers and boost demand, polish diamond producer Alrosa PJSC has produced a video passport with an electronic identity key for its stones. The initial selection will include 2,000 diamonds and feeds into a worldwide demand for better traceability of diamonds. Alrosa announced a similar move earlier in the year , and De Beers launched its own blockchain-based system earlier in the year . The global demand for rough stones has continued to fall as polished, market-ready diamonds are less profitable. Alrosa sales were down 33% from earlier in the year and Alrosa experienced the same difficulties.