Russian diamond miner Alrosa is implementing new initiatives to help spur global demand for diamonds and support the company’s growth objectives in 2017.
Andrey Zharkov, president of Alrosa, discussed these plans at an annual business meeting with long-term clients, which include representatives from more than 70 global companies.
Pertinent issues discussed during the meeting were diamond market trends as well as Alrosa’s sales structure and business strategies.
The diamond miner reported that it is preparing for a new contract period scheduled to commence in 2018.
The 2017 schedule of trading sessions was also presented to the participants. Alrosa announced during the meeting that all competitive biddings within the year will be held online through an electronic platform that the company had developed.
Trial sales using the new platform, which were held last year, received positive feedback from the participants, the company noted.
Beginning this year, Alrosa will conduct regular auctions of diamonds in special sizes in Vladivostok, and is planning to resume special-sized diamond sales in New York. The company also reported plans to open a representative office in Mumbai.
“To sustain domestic demand after the abolition of export duties on rough diamonds, Alrosa is granting domestic buyers a 180-day grace period to pay up to 50 percent of the contract value (including VAT), secured with a bank guarantee,” Alrosa announced.