Russians and De Beers Cutting a Diamond Supply Deal, in an Advisory by Industrialinfo.com.Business Editors
HOUSTON--(BUSINESS WIRE)--Oct. 25, 2001
The following is an advisory by Industrialinfo.com (Industrial Information Resources (1) The data and information assets of an organization, department or unit. See data administration.
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Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the ). Looking to assure themselves of a minimum of $500 million worth of rough Russian diamonds per annum Per annum
Yearly. , De Beers (Johannesburg, South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. ) is looking to sign a long term agreement on diamond marketing in December when the current agreement expires. The Russians favor a deal between De Beers and the Russian diamond company Alrosa thus being able to protect and control the adequate supply of rough diamonds to the home industry and enable it to work profitably.
Reports say that an agreement has been drafted and details are being ironed out between the Russians and the South Africans. Over the last two years, De Beers purchased around $1 billion of rough stones in Moscow and they need the supply to maintain the variety they offer clients. In the specialized world of diamond supply and demand negotiations, De Beers does not want the Russian cutters to have sole first rights over the best stones coming from the mine.
De Beers, the world's leading diamond producer was acquired earlier this year by DB Investments and is currently delisted from the JSE JSE
See: Johannesburg Stock Exchange and LSE LSE - Language Sensitive Editor .
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