Alrosa Cuts Some Long-term Clients in New Contracts
Russian mining giant Alrosa has announced that the new list of Alrosa Alliance members, which buys around 70% of Alrosa’s output – has been cut. According to IDEX Online, the new list is down from 59 to 51 clients, and will take effect starting January 2022 for three years.
Previously, Alrosa said that it is introducing different contracts for retailers, manufacturers and traders, “taking into account the specific business needs of each diamond consumer category, in addition to the client’s purchase history.”
Deputy CEO Evgeny Agureev said: “Alrosa sets great store by the stability of rough diamond supply, satisfying confirmed demand and minimizing speculative sentiments that can undermine the market […] we have therefore updated the way in which we interact with clients, placing the focus on creating added value after the sale of the diamonds. Working on this basis with the updated list of Alrosa Alliance members will ensure stability of supply for both the clients and the company, while also helping to balance supply and demand on the market.”
In other Alrosa news, the Russian miner renewed its cooperation agreement with the Antwerp World Diamond Centre (AWDC). According to Alrosa, the agreement “will further expand and strengthen the close relationship between and leadership roles of the two organizations over the course of the next years.”