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Press Release: The management of ALROSA held an annual meeting with the company’s long term customers in order to discuss the preliminary results of 2014 and share views on the diamond market. The attendees agreed that the long term supply practice used by ALROSA since 2009 has proven to be efficient. Such contracts guarantee stable supplies of rough stones, provide a hedge against diamond price volatility and enable both the company and its clients to conduct long term business planning.
Beginning in 2015, ALROSA will embark on a new three-year contract period. By the end of 2014 the company intends to complete signing supply contracts with its customers for the new term.
Supplies under long term contracts will continue to be the core of ALROSA’s sales policy, as the company plans to sell about 70 percent of rough diamonds on such terms. ALROSA has created a well-balanced system of distribution to the largest players in the diamond business, in particular, diamond manufacturers and jewelry retail companies.
The participants also discussed recent trends on the diamond market. Primarily, customers interest in the origin of diamonds is increasing as the result of insufficient transparency across the diamond industry and, also, the development of innovative technologies to identify laboratory-grown gem-quality diamonds. ALROSA’s customers agreed that joint efforts were needed to enhance the reputation of the industry in the eyes of consumers. In this context, the clients praised ALROSA’s efforts to exchange information with industry organizations on a regular basis, and implement responsible business practices in its long term supply contract practice.
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