Russia’s ALROSA to sell 70% rough diamonds under long contracts

MOSCOW, Dec 9 (PRIME) -- Russian uncut diamond mining giant ALROSA plans to sell up to 70% of rough diamonds under long-term contracts from 2015, the company said in a statement on Tuesday.

“The company will sign contracts with clients by the end of December. A long-term contract will remain the main sales policy of ALROSA, the plan is to sell up to 70% of rough diamonds under them,” it said as it starts a new three-year contract period from 2015.

ALROSA shifted to sales under long-term contracts in 2009 to ensure stable supplies of rough diamonds to largest market players, it said.

ALROSA’s output amounted to 36.9 million carats of diamonds in 2013 and is expected at around 36 million carats in 2014. The state holds a 44% stake in the company, regional authorities of the Yakutia Republic of Russia hold a 25% stake, and the remaining 23% are in free float.

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