Bakov Mikhail

Bakov Mikhail

Biography

2022: Appointment as CEO of AGD Diamonds

On December 22, 2022, it became known about the appointment of Mikhail Bakov as the new general director of the diamond mining company AGD Diamonds instead of Gennady Pivnya, who was its head for more than one year.

Before heading AGD Diamonds, Mikhail Bakov was the general director of PK Pushkinskaya Square JSC and the Central Warehouse of Printing Materials company engaged in printing activities in Moscow.

In December 2022, Mikhail Bakov, already the general director of AGD Diamonds, met with the Governor of the Arkhangelsk Region Alexander Tsybulsky, the company's press service reports.

Tsybulsky, in particular, noted the need to continue the AGD project on the synthesis of single crystals of diamond and the production of single crystal diamond products. The company is implementing this project together with the scientific and educational center "Russian Arctic: new materials, technologies and research methods," located in Arkhangelsk.

AGD Diamonds is the only diamond producer independent of Alrosa in Russia, which accounts for about 10% of all-Russian production. The tube being developed by AGD Grib in its reserves is the fourth in Russia and the eighth in the world. Reserves were approved in the amount of 76 million tons of ore. The life of the field, which is currently being produced in an open manner, is more than ten years. AGD diamonds are usually sold at auctions in the world trade centers of Antwerp and Dubai through the sales division of Grib Diamonds.

According to Interfax, by December 2022, AGD is actually supervised by Deputy Chairman of the Board of VTBANDRAY Puchkov, who is responsible for working with problematic and non-core assets of the bank. The curator will have to resolve issues with sales, since AGD has accumulated a large volume of unrealized products, and the funds in the accounts are running out, one of its sources told the agency.^[1]

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