Alrosa Signs Lebanese Export and Cutting Deal
January 29, 03
Russian rough diamond monopolist Alrosa and Horizon Development of Lebanon signed a sales agreement. The deal was signed during a visit of a Lebanese delegation headed by the Hariri Group to Moscow earlier this month.
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While this is a big size agreement, this might be just the beginning of a much wider diamond trade with Arab countries in the Middle East. The Russian diamond reserve Gokhran, together with diamond exporter Almazyuvelirexport have also been in talks with Lebanese officials. Gokhran's manager Vladimir Rybkin says they have been negotiating jewelry and rough diamonds sales.
Some in Russia who might feel that the Arab world is an un-tapped market, believe the agreement poses a threat to Alrosa's agreement with De Beers which came under criticism by the European Commission recently, saying the Lebanese agreement might substitute the $845 million a year agreement with De Beers.
The Hariri Group is owned by Lebanon's billionaire Prime Minister, Rafik Hariri.