EC Slow on Making up Its Mind on Alrosa-De Beers Deal

Two years after it was signed, and a year after submitting a ‘Letter of Objections’, the European Commission is yet to rule on the De Beers-Alrosa $4 billion diamond sales agreement and according to Alrosa, such a ruling is not likely soon.

Alrosa’s President Vladimir Kalitin says the EC is unlikely to make a decision if the agreement between the two diamond companies meets European competition regulations before the end of the year.

The five year contract is currently on hold and the two are conducting the trade between them on a ‘willing seller-willing buyer’ basis.

And while the parties are expected to meet with EC representatives in February for another round of talks, Kalitin admits he does not know how long they will continue.

Kalitin reports that the EC is asking “purely technical questions,” without revealing anything beyond that.