Alrosa Commits to an Additional $490M in Rough Diamonds to India
March 14, 10
Russian diamond miner Alrosa, on Friday signed an agreement with three Indian diamond firms to supply them with $490 million worth of rough diamonds over the next three years. The three are DTC Sightholders Ratilal Becharlal & Sons and Rosy Blue and purchasing consortium Diamond India Ltd.
Very few details were made available about the agreement. At press time, it was still not clear if the $490 million supply is per year or for the entire three-year period.
In 2009, Alrosa sold to Indian buyers about $550 million worth of rough, about half of its sales to the open market.
The agreement was signed by Alrosa President Andreyev Fyodor, who is visiting India with a Russian delegation headed by Prime Minister Vladimir Putin. It comes on the heels of a visit by Alrosa Vice President of Sales Yuri Okoyomov that announced that Alrosa will increase its rough diamond supply to the Indian Market.
India expects Alrosa will supply it with more than $1 billion in rough diamonds in 2010.