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Press Release: ALROSA suspended its ARCOS East sales office at the Dubai Multi-Commodities Centre (DMCC) during the market downturn in 2009, but the decision to reopen the sales office this month was in response to the rapid growth of Dubai as the world’s diamond trading center. The trading platform on site at the DMCC will contribute to strengthening the company’s presence in the United Arab Emirates (UAE). By holding auctions and working with clients directly in the region, ALROSA can stay on top of current market conditions and make forecasts for rough diamond prices. At the end of November, ARCOS East DMCC held its first auctions of large rough diamonds (greater than 10.80 carats), along with regular stones and polished diamonds. The results of the auctions demonstrated strong interest and stable demand for ALROSA’s rough diamonds. More than 80 companies, including clients from the UAE, participated in the auctions as bidders. To date, ALROSA already has some buyers from Dubai. In the first nine months of 2014, the companies from the UAE bought rough diamonds for a total consideration of $100 million at tenders and from spot sales. To improve the cooperation with the UAE's diamond community, ALROSA signed a memorandum of understanding with the Dubai Diamond Exchange (DDE). Both parties continue to work closely and exchange expertise and information regarding the implementation of the Kimberley Process Certification Scheme, and share information on market intelligence and opportunities.
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