Kudrin: Russia to Abolish Diamond Quotas

Russian Deputy Prime Minister and Finance Minister Aleksei Kudrin said on Saturday that Russia would abolish quotas set on diamond sales in 2004-05.

At a meeting with Alrosa's management he expressed hopes that by that time the veil over information on diamond production and reserves will be lifted by new legislation, saying, “following the world practice it is not necessary to make that information classified”.

According to Kudrin, shares of diamond mining monopoly Alrosa will be traded on the free market transforming it into a joint-stock company, also in 2004-05. Currently the Russian government holds a 37 percent stake in Alrosa.

Kudrin, who predicted that the government would buy additional Alrosa shares in the open market, added that the miner’s production facilities would not be divided and would “remain solid and efficient”. According to the company's management, by the results of the current ye

Alrosa reported that it expects 2003 profits to reach 5.7 billion rubles ($247.5 million).