ALROSA, SDE Plan Diamond Auctions in China

ALROSA is raising its presence in China with plans to supply more rough and polished diamonds to suppliers in the country.

Fyodor Andreev, ALROSA's president, signed a letter of intent with Lin Qiang, the president of the Shanghai Diamond Exchange (SDE), in Beijing that will see the two parties collaborate on principles and conditions for the sale of ALROSA’s rough and polished diamonds through SDE auctions.

"China is one of the most dynamically developing countries in the world. We believe the Chinese market has a great potential for the growth of diamond jewelry consumption and of rough diamonds consumption as well," Andreev said. "ALROSA has experience in cooperation with companies from China, including in the scope of long-term agreements, and we hope this cooperation will go further.”

In November 2012, ALROSA entered into a long-term agreement to supply rough diamonds to Chinese jewelry retailer Chow Tai Fook Jewellery Group Limited.

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