Russian diamond trading giant Alrosa to set up office in India
30 Sep 2010
Russia's state-owned diamond trading giant Alrosa will soon open an office in India for allocation of rough diamonds through long-term arrangements with Indian companies.
Alrosa, Russia's largest diamond miner, is currently in discussions with three Indian companies for signing three-year contracts, under which the Russian company will supply rough diamonds worth $490 million.
The contracts are expected to be signed with Diamond India Ltd, Ratilal Becharlal & Sons and Rosy Blue, during a working visit by Russian prime minister Vladimir Putin to India on 11-12 March 2011, Russian news agency RIA Novosti quoted company sources as saying.
Alrosa accounts for 25 per cent of the global diamond output. In 2009, the company produced diamonds worth $2.2 billion, with its sales equaling the same amount.
In 2010, the company expects its output to reach $2.31 billion in terms of value and diamond sales to hit $3.3 billion.
The Russian government holds a controlling 50.9256 per cent stake in Alrosa. The remaining shares are held by the Republic of Sakha (32.0002 per cent), administrations of 8 municipal districts of the Republic of Sakha (8.0003 per cent) and other legal entities and individuals (9.0739 per cent).
.jpg "RBI keeps repo rate unchanged as focus remains on inflation")
.jpg "Indian Oil, Panasonic team up for lithium-ion cell production in India")
