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Diamond prices to grow due to reduced production, growing demand

Experts of the diamond market met with top management of ALROSA, the world’s biggest producer of diamonds

MOSCOW, December 02. /ITAR-TASS/. Growing demand for diamonds and reducing production in medium term will remain basic market drivers and will cause price growth, experts of the diamond market said during a meeting with top management of ALROSA, the world’s biggest producer of diamonds.

ALROSA’s head Fedor Andreyev and the company’s management had a business breakfast in Antwerp with the company’s long-term clients to discuss results of the work in 2013 and the current situation in the diamond industry.

“The participants in the meeting discussed ALROSA’s work on long-term agreements as the company has adopted in late 2012 rules for selling natural diamonds and stressed the positive changes in the transparency of trade and equal access of the market participants to the diamond raw material,” the company says.

The experts spoke about necessary market efforts from major players to stimulate demand for diamond jewellery in the world, and a necessary common approach to regulations for turnover of synthetic diamonds.

ALROSA is a group of Russian diamond producing companies — the world’s major producer of diamonds in carats. ALROSA is involved in exploration, production and selling of diamonds, it produces diamonds in the territory of the Republic of Sakha (Yakutia) and in the Arkhangelsk region. In 2012, ALROSA’s production of diamond raw material made 34.4 million carats; the revenues made 150.9 billion rubles.

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