Industry News by Nemesis

ALROSA to Allow Russian Manufacturers Pay 75% of Diamond Prices by Installment

January 29, 2018

The Supervisory Board of ALROSA has decided to support Russian large polished diamond manufacturers to boost their competitiveness. Now they will be granted first priority to select stones by quality, as well as pay off 75% of diamond prices by instalment, RBC reports. 
 

The Supervisory Board of ALROSA has committed to increase the supply of the most demanded rough diamonds (over one carat) to Russian manufacturers by 10% if polished stones are produced in Russia. 


Corresponding changes were introduced into the company's marketing policy within the framework of the "roadmap" for the development of the Russian diamond industry. In the first nine months of 2017, ALROSA produced 29.5 million carats of diamonds.

 
In addition, the company has raised the volume of instalment during diamond sales for Russian cutters from 50 to 75% of the total cost of purchased rough to be paid off in six months. 


The Russian diamond manufacturer Kristall has initiated the "road map" for the development of the Russian diamond-cutting industry. 


"Previously, we had to participate in tenders on general grounds, and there were many poor-quality rough diamonds, but now we will have the opportunity to be the first to select stones by quality," says the representative of Kristall. The priority for Russian companies in purchasing rough diamonds took effect from January 1, 2018. 


Now, according to the representative of Kristall, Russian cutters produce about 700 000 carats of polished diamonds a year (50% of this volume is manufactured by Kristall), of which only 2% is sold on the Russian market, while the main sales are in the USA and China. 

 

Source: Rough-Polished

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