Sep 29, 2017

ALROSA’s Ivanov Holds Meeting with Representatives of U.S. Diamond Industry

ALROSA President Sergey Ivanov, on September 27, held a meeting with the President of U.S. Jewelry Council, Ronald VanderLinden and the President of Diamond Dealers Club of New York, Reuven Kaufman.

Ivanov and the representatives of the US diamond industry covered various topical issues in the course their interaction, including “the current state of the global rough and polished diamond industry”; and “the prospects for possible cooperation, including work in the scope of industry organisations”.

The parties also discussed the possibility of the re-opening of the ALROSA trade office in New York (Arcos USA). Due to organisational reasons, the office has not been operational since 2016.

“ALROSA is currently considering a number of candidates for the position of Head of the Arcos USA,” the Company stated. “The subdivision is expected to resume its operation, including the trade of diamonds, in late 2017 - early 2018.”

"The U.S. is the world's largest diamond jewellery consumption market,” commented   Ivanov. “There is no doubt that ALROSA is interested in the presence and development of cooperation in this market, not only within the rough diamonds sales, but also within the trade in polished diamonds. And we are glad to see similar interest from our colleagues. Modern consumers express an increasing need of an understandable and guaranteed origin of stones in jewellery, and this is one of the competitive advantages that we can offer.”

One of the imperatives behind the talks between ALROSA and the representatives of the US diamond industry is the possibility of initiating long-term contracts of rough diamonds with American companies for sales through spot purchases and tenders. The parties were also keen to establish bilateral and multilateral industry cooperation, including within the World Diamond Council and for the promotion the industry’s interests through the Kimberley Process.