Diamonds / Industry

Alrosa Appoints New CEO


Russian diamond miner Alrosa has named Pavel Marinychev (pictured) CEO, general manager, and board chair.

Marinychev replaces Sergey S. Ivanov, who had served as CEO since 2017. Ivanov will continue to work on Alrosa’s supervisory board and will advise the company about strategy.

Since 2016, Marinychev has headed Almazy Anabar, one of the key production assets of Alrosa. Previously, he held the position of first deputy chairman of the government of the Republic of Sakha (Yakutia).

Ivanov’s departure has been discussed since Russian news sources reported it in December.

On Feb. 24, 2022, following Russia’s invasion of Ukraine, Ivanov was added to the U.S. Office of Foreign Assets Control’s Specially Designated Nationals (SDN) list, preventing him from holding U.S. assts. Ivanov—also known as Sergey Ivanov Jr.—is the son of the former chief of staff to Russian president Vladimir Putin.

While it’s not clear if Ivanov’s designation prompted his departure, it’s not likely to change the United States’ view of Alrosa, as the company was added to the SDN list last April.

U.S. officials have recently indicated their desire to crack down on imports of Russian diamonds, possibly in concert with the other member nations of the G7.

Ivanov has generally been credited with making Alrosa a more transparent company, which regularly published sales and financial results—a practice that ceased following the Ukraine invasion and resulting sanctions.

“As CEO, I will continue to build on [Alrosa’s] leadership position in the global diamond industry,” said Marinychev in a statement. “Despite the difficult geopolitical conditions, we will strengthen the resource base, improve production efficiency and management quality.

The news means that the world’s two major diamond miners—Alrosa and De Beers—both have new CEOs. Al Cook took over as De Beers CEO in February.

(Photo courtesy of Alrosa)

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By: Rob Bates

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