Yakutsk | Monday
THE Russian diamond monopoly Alrosa and South African giant De Beers signed a new, five-year cooperation accord on Monday only two weeks before their current agreement expires.
The agreement, which will see Alrosa sell De Beers about S800-million worth of uncut diamonds a year, would help stabilise the world’s diamonds market, Russian Finance Minister Alexei Kudrin said at the signing ceremony.
“This agreement will help guarantee that Russia maintains stable revenues from diamond sales, which will not be dependent on market fluctuations,” Kudrin said at the signing ceremony in Russia’s Siberian diamond producing capital.
The Russian government will not be a participant in the new arrangement.
The current contract between Alrosa, which is the second-biggest diamond producer in the world, and De Beers for the sale of rough Russian diamonds on the international markets expires on December 31.
Negotiations of a new deal had hit several snags, including concerns about scandal surrounding a regional election for governor held Sunday in Yakutia, where Alrosa is the biggest employer and most powerful company. – AFP