Alrosa to sign contracts to send $490 million of rough to India over next three years
March 12, 2010
Alrosa, the Russian diamond mining company, has signed contracts to supply $490 million of rough diamonds to India in the next three years, reported the Bloomberg news agency. The deal was announced in New Delhi by Alrosa CEO Fyodor Andreyev, during a visit to India by Russian Prime Minister Vladimir Putin.
According to Bloomberg, Alrosa will sign contracts with Diamond India Ltd., Ratilal Becharlal & Sons and Antwerp-headquartered Rosy Blue.
The new contracts will boost Alrosa’s sales to India this year to about $1 billion, which is equivalent to about one-third of the company’s planned output, Andreyev said. The prices and exact volumes will be reviewed quarterly.
Alrosa sold about $500 million of rough diamonds in India in 2009 and about $250 million worth in 2008, he said. Prices and volumes will be reviewed quarterly.
