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Home > Diamond News Center > Diamond News > Financial News

Lukoil’s Diamond Revenue Doubles in 2016 Ahead of Takeover

/ Financial News

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Russian oil and diamond miner Lukoil has announced that its diamond revenue “nearly doubled to $335.8 million last year”, ahead of the oil producer’s sale of the Grib mine, Rough & Polished reports. Sales of rough diamonds totaled $184.7 million in 2015, having risen from $16.8 million in 2014.

Lukoil is Russia’s largest oil miner. It announced the $1.45 billion sale of the Grib mine to Russian investment group Otkritie Holding in 2016, “with the deal currently subject to government approvals”, Lukoil said.

Production at Grib was launched in September 2014, “with initial estimates putting full annual production at 4.5 million carats”, according to the report.

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