World’s largest diamond mining company Alrosa to cut prices

SURAT (TIP: Like De Beers, Rio Tinto and other mining companies, the world’s largest diamond mining company Alrosa too has decided to lower its rough diamond prices by 8-10 per cent for its September sale.

As per the reports, the Russian company did not lower prices in August sale. However, the weakening demand of diamonds around the world followed by crisis in China and recession in Indian diamond industry has forced the Russian giant to lower its prices in September.

According to Rapaport, leading jewellery industry standard for the pricing of diamonds, Alrosa is likely to drop prices by 10 per cent, in the framework of the market situation.

Alrosa has over 15 clients from India. Last year, the company signed a long-term contract with 12 diamond companies for supplying rough diamonds worth $1.2 billion at the Special Notified Zone (SNZ) in presence of Prime Minister Narendra Modi and Russian President Vladimir Putin at the World Diamond Conference (WDC) in Delhi.

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