Russian diamond mining company Alrosa is resuming its trading operations thanks to strong sales last month to suppliers under long-term contracts.
The global economic crisis and subsequent drop in demand led the company to stockpile goods earlier this year. But with its July sales coming in at $150 million US, Alrosa says it is restarting trading. OJSC (Production Association Kristall)—which has a long-term agreement with Alrosa—is planning on buying at least $100 million worth of rough before the end of the year. Alrosa will also resume supplying rough to local diamond manufacturers in the Sakha (Yakutia) Republic.
The news also comes following a tender of large size diamonds in Moscow last month that realized $13 million in sales volume. The next tender will take place in Antwerp with the support of the Antwerp World Diamond Centre (AWDC).
