ALROSA is preparing a long-term contract with the famous jewelry brand

In the near future, ALROSA may have a new regular customer from the lineup of world-renowned jewelry brands, Elena Kiseleva writes in an article posted by the Kommersant Daily. The newspaper says that the Russian diamond monopoly is close to signing a three-year contract with Tiffany & Co, which initially will be able to purchase at least $60 million worth of rough diamonds in Russia every year. The emergence of global players operating on the jewelry market among ALROSA’s customers may lead to re-distribution of high-quality rough supplies in their favor at the expense of reduced sales to the domestic market.
The fact that ALROSA is close to the conclusion of a three-year trade agreement with Tiffany & Co was disclosed to the Kommersant by a source familiar with the negotiations. According to the source, the contract may be executed this week. Tiffany’s wholly owned subsidiary based in Belgium, Laurelton Diamonds Inc. is getting ready to sign the contract on behalf of its parent. "ALROSA is interested in new customers from among the world scale producers of jewelry which will reliably buy rough diamonds, including in the so-called periods of complicated market. On its part, ALROSA is ready to take action to re-distribute high-quality rough in their favor upon completion of the current long-term contracts," the source explained to the daily adding that initially Tiffany is going to buy diamonds in Russia for about $60 million. ALROSA refrained from official comments to this effect.