ALROSA Opens Office in Mumbai for Outreach, Not Trade

Market Analysis
23/04/2018 10:12

Russian diamond miner ALROSA has opened a representative office in Mumbai, located in the Bharat Diamond Bourse, with the intention of, "strengthening ties with Indian market", but the office will not conduct any trading activity. Jim Vimadalal, the new director of the Mumbai office, will work on promoting the ALROSA brand on the local market, suggesting new clients and solving technical issues of existing clients, the company said in a statement. He will also be responsible for interaction with industry organizations, including discussing opportunities for business development, preventing preventing synthetics from entering the Indian natural diamonds market and studying consumer demand trends. Prior to joining ALROSA, Vimadalal was with the sales and marketing team at Rio Tinto’s Indian representative office, and before that he headed up Swarovski’s Western India business operations.

While diamond manufacturing is the main focus of ALROSA's business in India, as in 2017 the miner supplied rough diamonds to India worth almost $700 million and signed 15 long-term contracts with diamond manufacturing companies in India for the new contract period (2018-2020), they will also be exploring retail consumer opportunities. “India plays a huge role in the world polishing business, said Evgeny Agureev, director of ALROSA's United Selling Organization, adding, "it is also a prospective market for diamond jewelry consumption."