ALROSA re-opened ARCOS East DMCC's sales office in Dubai in November 2014. The activity of ARCOS East was suspended during the market downturn in 2009. ALROSA’s decision to reopen the sales office is connected with rapid growth of Dubai as the world’s major diamond trading hub. The on-site trading platform will contribute to strengthening the company’s presence in the diamond market of the United Arab Emirates.
Holding auctions and working with clients directly in the area will permit to monitor current market conditions and forecast rough diamond prices.
In late November, ARCOS East DMCC held its first auctions for special-size rough diamonds (exceeding 10.8 carats), regular rough diamonds and polished diamonds. The results of these auctions demonstrated strong interest in and stable demand for ALROSA’s goods. More than 80 companies, including customers from the UAE, participated in the auctions as bidders.
Currently, ALROSA already has some buyers from Dubai. In the first nine months of 2014, companies from the UAE bought rough diamonds for a total consideration of $100 mln at tenders and spot sales.
To improve the cooperation with the UAE diamond community, ALROSA signed a Memorandum of Understanding (MoU) with the Dubai Diamond Exchange (DDE). Both parties continue to work closely and exchange expertise and information regarding the implementation of the Kimberley Process Certification Scheme, sharing data and forecasts on diamond market developoment.
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