×
258
Fashion Jobs
OASIS
Area Sales Manager For Food Processing Company - Pune
Permanent · Pune
OASIS
Area Sales Manager - Mumbai (Only From Fmgc)
Permanent · Thane
LEVI'S
IT Project Manager
Permanent · Bengaluru
VUCA CONSULTING
Area Sales Manager-Oem
Permanent · Bangarapet
CRESCENDO GLOBAL LEADERSHIP HIRING INDIA
Area Sales Manager | Personal/Hair Care | Chennai (2-5 Years)
Permanent · Chennai
MUTHOOT FINCORP (MFL)
Area Manager-Chirala
Permanent · Chirala
SCHEVARAN LABORATORIES
Area Sales Manager
Permanent · Pune
KONE
Vacancy For Production Manager-Chennai
Permanent · Chennai
KHS LG INNOVATION & ENGINEERING
Sales Manager
Permanent · Navi Mumbai
CLEANFIX-SCHEVARAN SYSTEM PVT LTD
Area Sales Manager
Permanent · Chennai
DECOTOUCH PAINTS LIMITED
Area Sales Manager
Permanent · Prayagraj
ALUDECOR LAMINATION
Asst. Area Sales Manager- Karnal
Permanent · Panipat
MILLION MINDS MANAGEMENT SERVICES LIMITED
Hiring Manager- Corporate Sales
Permanent · Bengaluru
RELIANCE RETAIL
Area Sales Manager
Permanent · Tiruchirappalli
STEPBEYD STRATEGIC GLOBAL CONSULTING PRIVATELIMITED
Area Manager /Area Sales Manager
Permanent · Salem
MONEYWISE FINANCIAL SERVICES
Area Sales Manager/ Regional Sales Manager (Asm/Rsm)
Permanent · Gurugram
DECOTOUCH PAINTS LIMITED
Area Sales Manager
Permanent · Prayagraj
YUTIKA NATURAL
Assistant Area Sales Manager - Maldah, Berhampore
Permanent · Malda
BAJAJ FINANCE
Sales Manager (Digital Product Finance)
Permanent · Hyderabad
BAJAJ FINANCE
Sales Manager (Digital Product Finance)
Permanent · Dankuni
BAJAJ FINANCE
Sales Manager (Consumer Durable)
Permanent · Asansol
INCITE HR SERVICES
Area Sales Manager | Business Development Manager
Permanent · Durg
By
AFP
Published
Jul 13, 2009
Reading time
2 minutes
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Head of Russian diamond giant forced to quit

By
AFP
Published
Jul 13, 2009

MOSCOW (AFP) — The head of Russia's state-owned diamond giant Alrosa said he was leaving his job amid disapproval over his handling of a deep slump in the diamond market, the Kommersant daily reported.


File photo shows a miniature clock tower decorated with diamonds on shows during an exhibition organized by the Russian 'Alrosa' diamond company. The head of Alrosa said he was leaving his job amid disapproval over his handling of a deep slump in the diamond market, the Kommersant daily reported - Photo: AFP/File/Alexander Nemenov

"I am leaving the post of president of Alrosa as of July 13. This is the decision of the chairman of the supervisory board," Alrosa president Sergei Vybornov told the newspaper.

Until the global economic crisis, Alrosa produced around 25 percent of the world's diamonds, second only to South African mining giant De Beers, which produced 40 percent.

But the economic slowdown has caused demand for the precious gems to plunge and Alrosa's board was reportedly unhappy with Vybornov's response.

"The collapse of the company's sales policy became the main reason for the resignation," Kommersant quoted an unnamed source in the Alrosa supervisory board as saying.

Alrosa had long sold diamonds on the Russian domestic market at a discount while reaping profits on its sales abroad, but its sales on the open market have dried up since the crisis began.

While De Beers slashed production by 90 percent in the first quarter of 2009 to prop up the market, Alrosa continued to mine diamonds and stockpile them, prompting speculation about its motives.

Some media reports have suggested that the reason was because the company's main shareholder -- the Russian state -- feared that closing mines would throw people out of work and spark social unrest.

Alrosa is more than 90 percent state-owned, with Russia's central government holding a 50.9 percent stake and roughly another 40 percent belonging to local and regional governments in Sakha, a diamond-rich region of Siberia.

Vybornov will be replaced by Fyodor Andreyev, currently the vice-president in charge of finances for Russia's state railroad monopoly Russian Railways, Kommersant reported, citing sources in both companies.

Copyright © 2023 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.