Kiran Gems Renews Long-Term Supply Deal With Alrosa

Kiran Gems executives signing the renewal agreement with  Alrosa's Ilya Ryashchin

(IDEX Online News) – Diamond manufacturer Kiran Gems has renewed its contract with Russian diamond mining giant Alrosa, signing a long-term supply agreement at the December 11-12 World Diamond Conference in Delhi.

The renewed contract, with increased supply levels from Alrosa, will enable Kiran to further streamline its sourcing operations, the firm said in a statement.

Kiran Gems Managing Director Mavji Patel and Gems Director Dinesh Lakhani signed the agreement with Alrosa's Acting President Ilya Ryashchin.

Dinesh Lakhani said: “We are happy to renew the contract with Alrosa. Being a manufacturer of the largest volumes of polished diamonds, consistent and ethical sourcing is core to us and Alrosa is a great sourcing partner.”

Kiran Gems has bought 5.3 million carats of rough in the past year, sourced from various major miners including Alrosa.

The company said it has increased its manufacturing levels in the current year due to demand from its customers.

Kiran Gems uses advanced manufacturing equipment at its manufacturing units in Surat and Ahmedabad.

In addition to Kiran Gems, Alrosa signed contracts with 11 other Indian firms: Rosy Blue, Diamond India Ltd, Jasani, Shree Ramkrishna Exports, Hari Krishna Exports, KGK, Dimexon, Venus Jewel, Karp Impex, Sheetal Manufacturing and Asian Star.

During the new contract period, the estimated direct sales from Alrosa to Indian companies will be about $700 million, and the total for the three year period will reach $2.1 billion, representing a fivefold rise from the current levels of direct supplies of rough from Alrosa to India.