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Dubai Diamond Exchange, ALROSA Sign Cooperative Agreement

Apr 8, 2014 10:43 AM   By DDE
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Press Release: The Dubai Diamond Exchange (DDE) and ALROSA, the Russian world leader in diamond mining, have signed a cooperation agreement in Dubai.

The cooperation agreement aims to further strengthen the relationship between the world’s largest producer of diamonds, by volume terms, and the DDE, a Dubai Multi-Commodities Centre (DMCC) platform whose mandate is to enhance the flow of commodity trade through Dubai.

The document was signed by Andrey Polyakov, ALROSA's vice president, and Peter Meeus, the chairman of the board of the DDE, in the presence of President Yegor Borisov of the Republic of Sakha (Yakutia) and Ahmed Bin Sulayem, the executive chairman of the DMCC, on Wednesday April 8 at the Atlantis, Palm Jumeirah.  dubia alrosa

The agreement aims to strengthen cooperation between DDE and ALROSA with both parties contributing to the development of a competitive rough and polished diamond market in Russia. ALROSA and the DDE will also frequently exchange expertise and information regarding the implementation of the Kimberley Process Certification Scheme and responsible sourcing of diamonds. Furthermore, both parties will participate at global industry events and seminars to share market intelligence and identify new trends and technologies.

President Borisov said, “Throughout the second half of 2014, ALROSA is planning to resume business through its subsidiary company Arcos East in Dubai, whose business was suspended following the world crisis in 2009.  In the year 2001, the Dubai diamond trade was nascent; there was not nearly as much diamond trade in Dubai and with the amount of trade at that time amounting to $5 million. Within 10 years, the size of the diamond trade in Dubai jumped to more than $39 billion. Second, the continued emergence of the Emirates as a leading center for the diamond trade, especially in Dubai, has occurred thanks to large naval and air transportation lines as well as the city’s ideal geographic location between the diamond-producing and diamond-consuming countries. This facilitates the process of conducting business.”

Sulayem concluded, “We are pleased to see ALROSA return to Dubai. The signing of our cooperation agreement today is further testament to the strength of the trading ties between ALROSA and DMCC. We are confident that ALROSA’s rough diamonds -- some of the world’s finest and purest -- will complement the large availability of rough diamonds on the Dubai market to the benefit of the international diamond trade as well.”


Rapaport News is not responsible for, and does not endorse, the content of any third-party press release. This is not a Rapaport Press Release. It has been provided as additional information for our clients.

 

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Tags: Alrosa, DDE, diamonds, Dubai, partnerships, Russia
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