ALROSA to Resume Rough Diamond Supply to Armenia

Diamonds.net, NY

ALROSA to Resume Rough Diamond Supply to Armenia

By Avi Krawitz Posted: 10/19/08 05:17

RAPAPORT… ALROSA will resume its supply of rough diamonds to Armenia
after a three year break, Itar-Tass reported.

The diamond mining giant signed a contract with Diamond Company of
Armenia (DCA) to resume the regular delivery of rough diamonds for
cutting, Itar-Tass said citing DCA president Gagik Abramyan.

`Russian diamonds will be brought to us for cutting for the first time
in three years, and this has become possible thanks to efforts of the
intergovernmental commission on Russian-Armenian economic cooperation
and the policy of the ALROSA firm,’ Abramyan said.

The deal follows an agreement signed in August 2007 between ALROSA and
the Armenian government to cooperate in the jewelry industry.

Itar-Tass said ALROSA plans to deliver diamonds worth 28-30 million
U.S. dollars to four Armenian companies, the largest of which is DCA.

Armenia’s diamond polishing industry has been on a steady decline in
recent years as rough supplies from Russia dwindled.

The country’s polished diamond production fell 20.6 percent to 52,316
carats in the first of 2008.