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Business news, 05.04.2002 17:29

ALROSA Diamond Company Makes Plans For Diamond Exchange in St. Petersburg

The establishing of the diamond exchange fits ALROSA's overall strategy. That includes the creation of an uninterrupted chain linking the extraction of diamonds with their cutting and polishing and finally selling. The head of the company's St. Petersburg office did not name any exact timeframe as concerned the creation of the exchange, leaving this till after his meeting with Vladimir Kalitin, ALROSA's President, to take place in St. Petersburg on April 10, 2002.

As previously reported, ALROSA made plans to create a diamond exchange in St. Petersburg before the year 2002 was over. The project should cost between $10 million and $ 15 million. The annual turnover of the exchange is expected to amount to $200 million.

The ALROSA diamond company was created by the directive of the President of Russia 'On the Founding of the Diamonds of Russia-Sakha Joint-stock Company' dated February 19, 1992. At this time, ALROSA accounts for nearly 100% of all diamonds produced in Russia and for about 20% of the world's production.

News source: Rosbalt

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