Alrosa Joins the Shanghai Diamond Exchange
December 30, 20
(IDEX Online) - Alrosa has joined the Shanghai Diamond Exchange (SDE) in a bid to strengthen its position in mainland China.
The move opens up new opportunities for direct trade in rough and polished gems in the world's sixth-biggest diamond-importing nation, especially with Covid overseas travel restrictions boosting the domestic market.
Alrosa has been trading in China since 2005, has three long-term clients in the country, and signed a letter of intent with the SDE back in 2013.
"Covid-related travel restrictions changed the consumption model and people were purchasing goods in their own country," said Evgeny Agureev, Alrosa's deputy CEO.
"Largely due to this fact, jewelry retailers, especially those from mainland China, continue to strengthen their position in the market. Therefore, it is very important for ALROSA to have business here."