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ALROSA invites De Beers delegation

31
Aug '05
Russian diamond maker ALROSA Co Ltd announced De Beers delegation will be visiting Russia this week at the invitation of the ALROSA top management

The program of the visit includes meetings with the ALROSA President, tour of the First Module facilities of the Lomonosov mine at the Lomonosov diamond field in the Russian North West and ALROSA operations in West Yakutia.

In the course of their visit the De Beers delegation will meet with top-ranking officials of the Republic of Sakha (Yakutia).

The delegation headed by De Beers Group managing director Gary Ralfe also includes DTC Managing Director Gareth Penny, De Beers Group Executive Director, Strategy & Business Development, MLS de Sousa “Ollie” Oliveira, Executive Director, Global Mining & Exploration, Edward Dowling, other company representatives.

The Russian diamond-mining industry and De Beers have almost a 50-year track record of business contacts. The first contract with De Beers for the sale of Soviet rough diamonds was signed in 1959. Since 1960 regular sales on the basis of systematically renewed agreements began.

With the establishment of ALROSA in 1992, a new page was opened in the history of Russia-De Beers relationship. The long-lasting business co-operation of the two companies has had an important effect on the development of the world diamond market.

In December 2004 ALROSA and De Beers have forwarded to the European Commission their obligations providing for a gradual reduction of sales to De Beers. At present ALROSA and De Beers are awaiting the completion of the inquiry by the EC into their trading relationship.

ALROSA Co Ltd is a closed-type joint-stock company, successor to the enterprises, organizations and divisions of the former YakutAlmaz Association, Committee for Precious Metals and Precious Gemstones (Gokhran of the Ministry of Finance of the Russian Federation) and the Almazjuvelirexport Foreign Trade Association specialized in sorting, initial processing and supply of rough diamonds which were incorporated into the Company's structure.

ALROSA Co Ltd


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