ALROSA launched a specialized commercial website to support the existing and prospective consumers of rough diamonds, Investcafe.ru reported on Monday citing the Russian Federal Antimonopoly Service (FAS).
FAS approved the Regulation on Terms and Procedure for Sale of Natural Rough Diamonds.
The document is the result of a more-than-two-year period of joint efforts by FAS and ALROSA aimed at protecting competition in the Russian diamond market, including the removal of exclusive relationships between the supplier and buyers, as well as barriers to enter the market for new players.
The aim was to develop a transparent and predictable environment, which would exclude discriminatory approach to buyers of rough diamonds sold by ALROSA. Taking into account the requirements of FAS, ALROSA has developed provisions that contain general principles and patterns for the sale of natural rough diamonds. These include the requirements for prospective buyers, a comprehensive list of documents and information to be submitted by the latter, as well as procedures and terms for filing applications to purchase goods and their consideration by the seller. The document also describes how prospective buyers will be assessed for compliance with the established requirements, how the seller will take decisions on possible cooperation with prospective buyers and how the bidding (including its online version) will be organized to sell natural rough diamonds.
To make its rough selling policies transparent to general public, ALROSA launched a specialized website to support the existing and prospective consumers.
“While developing the regulations, Russia’s FAS and ALROSA have convincingly demonstrated that efficient interaction between government agencies and big business can provide transparent and competitive conditions for operations even in such a challenging market as the rough diamond market," Andrey Tsyganov Deputy Head of FAS, said.
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