Russian Jewellery Network

Russia's diamond-extracting concern ALROSA is negotiating $2.5 bn. in foreign investment in domestic diamond production, ALROSA vice-president Sergei Ulin said.

He told Itar-Tass on Wednesday that the deals will be concluded till 2007. Ulin noted that "it is not necessary to increase the sale of Russia's uncut diamonds for export".

This issue "is on the agenda of our talks with ALROSA on the substance of the trade agreement from the year 2001", managing director of the De Beers world's diamond monopoly Gary Ralfe told Itar-Tass. The agreement will be signed on December 31 for three years, another De Beers official said.

Itar-Tass

Source: GemKey