ALROSA: $14M-16M Monthly Diamond Sales in Vladivostok by 2018

Finance and Trade
04/09/2016 10:40

Russian miner ALROSA has started selling rough and polished diamonds in Vladivostok in Russia's Far East, said Yuri Okoemov, vice president of ALROSA, at a Eurasian Diamond Centre presentation. "I do not think that initially there will be high volumes (of sales). At the beginning, sales will amount to $7 million-$8 million, but the overall potential of the region is larger. We will create diamond cutting and processing facilities. Our task is to, at least, double the amount of diamond sales in the region by 2018," he said.

Okoemov explained that to achieve the target, sales to Asia-Pacific countries, particularly China would need to be boosted. "We plan to use the geographical proximity to markets and better conditions within business development. We are focused on the organization of sales in Asia-Pacific countries and, above all, China, which despite temporary difficulties in the economy, remains one of the most interesting markets for luxury goods, including diamonds," Okoemov explained.

Plans to establish a diamond exchange in Vladivostok were announced in 2015. In March, ALROSA said it planned the first September sale of rough and polished diamonds.