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Lukoil’s Diamond Sales Hit $162M in 2015

Apr 5, 2016 2:09 AM   By Rapaport News
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Grib Diamond mine in Russia (picture courtesy Grib Diamonds)                                                   

RAPAPORT... Lukoil’s revenue from diamond sales hit $162 million (RUB 11 billion) in 2015 as the company increased output at its Grib mine, according to an earnings report. Sales in the prior year stood at $15 million given that production started in September 2014.

The majority of Lukoil’s diamond output is sold via its Antwerp-based Grib Diamonds subsidiary. About 20 percent of the goods are sold independently in Russia.

Earlier in the year, sources close to Grib Diamonds told Rapaport News the company was on track to reach a target of 2 million carats in 2015. The mine is expected to ramp up to an annual production of 4.5 million carats.

Lukoil is Russia’s second-largest oil producer and the Grib mine is its only diamond asset. The company reported profit dived 26 percent to $4.3 billion (RUB 291.1 billion) in 2015 as it wrote down the value on some assets because of a slump in oil prices. Revenue rose 4 percent to $83.77 billion (RUB 5.7 trillion).
Tags: diamonds, grib, grib diamonds, lukoil, Rapaport News, Russia
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