Russian diamond firm to launch trade on Shanghai bourse

Moscow, April 16 (IANS/RIA Novosti) Russia’s largest diamond miner Alrosa has signed a letter of intent with the Shanghai Diamond Exchange to sell rough and polished diamonds at auctions held by the Chinese bourse.

The official signing ceremony took place April 15 in Beijing. The document was signed by Alrosa president Fyodor Andreyev and Shanghai Diamond Exchange (SDE) president Lin Qiang.

“By signing the letter of intent with SDE, Alrosa is moving forward in its cooperation with Chinese companies. Earlier, in November 2012, Alrosa entered into a long-term agreement for the supply of rough diamonds with one of the leading jewellery manufacturers in China – Chow Tai Fook Jewellery Group Limited,” a statement said.

China is one of the most dynamically developing countries in the world and Alrosa believes the Chinese market has great potential for growth in the consumption of diamond jewellery, and therefore of rough diamonds, the statement said.

–IANS/RIA Novosti

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