In an unusual move, one of ALROSA’s long-term clients, Dali Diamond Co., the Antwerp headquartered international diamond manufacturer, signed a loan agreement with Eximbank of Russia, which is part of the Russian Export Center (REC) Group, for the financing of rough diamond purchases from ALROSA. And, with ALROSA’s January trading session, Dali Diamond has successfully started to use the loan funds as well.

“The loan agreement between Eximbank of Russia and Dali Diamond provides for a 24-month revolving credit line in euros,” ALROSA said elaborating on the agreement. “The terms of financing are among the best in the industry today – both with regard to rates and deferred payments to the bank. EXIAR is in charge of risk insurance under the agreement.”

EXIAR, a Russian Agency for export credits and investments insurance, is a national export credit agency (ECA).

Isidore Morsel, President of Dali Diamond Co. commented: “It’s another milestone for Dali Diamond to receive a seal of confidence of the Eximbank of Russia in choosing Dali as their first client in diamonds.”

Nikita Gusakov, Senior Vice President of the REC Group said: “This transaction marked the beginning of cooperation between Eximbank of Russia and EXIAR with the diamond industry and one of ALROSA’s long-term clients, the Belgian company Dali Diamonds. Undoubtedly, this transaction is a good foundation for further enhancing cooperation on projects related to export of diamond products to ALROSA, the undisputed international leader in the diamond industry.”

ALROSA Deputy CEO Evgeny Agureev remarked: “We are happy that our long-term client Dali Diamond had successful negotiations with the Eximbank of Russia and for the first time ever could finance the purchase of ALROSA’s goods within a revolving credit line. It is a new source of funds in our industry, and we hope that such form of cooperation will work out. Now, when we often hear that sources of financing in the industry are cut down and key players have decided to withdraw from the sector or are considering such an option, the actual financing that took place is encouraging and is a milestone for the whole diamond market.”