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Alrosa increases direct diamond shipments to India.

Russian diamond miner Alrosa has signed three-year contracts beginning in 2015 for direct supply of rough diamonds to 12 Indian diamond companies, including polished diamond producers and jewelers. The contracts were signed during the World Diamond Conference in New Delhi, India on December 12. The 12 companies are Rosy Blue, Diamond India Ltd., Jasani, KiranGems, 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 by Alrosa to Indian companies will be about $700 million per year, and the total for the three-year period will reach $2.1 billion. This represents a five-fold increase in comparison with current direct supplies of rough from Alrosa to India and is expected provide a huge boost to the Indian manufacturers. Most shipments of diamonds to India currently arrive through trading centers such as Antwerp, Dubai, or Tel Aviv.

In other news from Alrosa, the company announced on December 11 that its 2014 rough diamond production was expected to come in at 36.1 million carats and that total sales would exceed $5 billion. The company expects its rough diamond production to grow to 38.2 million carats in 2015.

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Title Annotation:REGIONAL NEWS--AFRICA
Publication:E&MJ - Engineering & Mining Journal
Article Type:Brief article
Geographic Code:9INDI
Date:Jan 1, 2015
Words:202
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