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Rosy Blue Renews ALROSA Rough Supply Contract
Dec 19, 2012 4:31 AM
By Dilipp S Nag
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RAPAPORT... Rosy Blue signed a new long-term rough diamond supply deal on Wednesday with Russia-based miner ALROSA, to supplement its supply from De Beers and BHP Billiton, among others.
“We are delighted to enter into the extension of our partnership with such a reliable diamond supplier as ALROSA,” said Dilip Mehta, the director of Rosy Blue. “Close and continuous dialog with ALROSA has enabled us to navigate through the past month of difficult market conditions.”
Rosy Blue specializes in rough and polished diamond trading, diamond-cutting and jewelry manufacturing. The company’s revenue exceeded $2 billion in 2011. Rosy Blue also buys rough from De Beers, through the Diamond Trading Company (DTC) sights in London, and has been ALROSA’s long-term client since 2010, when ALROSA started building up its contract clients. The significant part of the three-year term contract expires in 2012.
“Such agreements guarantee stable sales volume to us, as a producer, and guarantee stable rough diamond supply to a customer,” said Fyodor Andreev, ALROSA’s chief executive.
ALROSA is the world's largest diamond miner by volume and produced 34.6 million carats of rough in 2011. The miner is updating its list of contract customers and recently signed a long-term rough supply deal with Hong Kong-based jeweler Chow Tai Fook and Tiffany & Co.
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Tags:
Alrosa, diamond, Dilip Mehta, Dilipp S Nag, DTC, Fyodor Andreev, India, rosy blue, rough, Russia, sightholder, supply
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