Alrosa Signs Cooperation Agreement with Shanghai Diamond Exchange

Russian miner Alrosa has signed a Letter of Intent with the Shanghai Diamond Exchange (SDE) regarding joint cooperation, including the sale of Alrosa rough and polished diamonds at auctions to be held at the Shanghai exchange.

Alrosa President Fyodor Andreev signed the agreement in Beijing on April 15 with SDE President Lin Qiang.

Under the terms of the agreement, the sides will work out the principles and conditions of their cooperation, including those for the auction of Alrosa diamonds.

The Letter of Intent with the SDE is the latest move by Alrosa to increase cooperation with Chinese diamond organizations and companies.

In November 2012, Alrosa signed a long-term agreement for the supply of rough diamonds to leading Chinese jewelry manufacturer Chow Tai Fook Jewellery Group Limited.

"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," says Andreev. "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," he adds.

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