Yakutia President Promoting Diamonds on Visit to Dubai

(IDEX Online) – President Egor Borisov of the Russian Federation’s Sakha Republic, or Yakutia, where Alrosa mines most of its diamonds, is leading a delegation from Yakutia in Dubai for a series of high-level meetings before participating for the first time in the Annual Investment Meeting in Dubai. 

“By visiting our exhibition stand, you will truly enjoy diamonds,” Borisov told his hosts.

Borisov and the Yakutian delegation are planning to have private meetings with Sheikh Mohammed bin Rashid Al Maktoum, UAE's vice president, Prime Minister and ruler of Dubai, Sultan Bin Mohammed Al Qasimi, the ruler of Sharjah, and Sultan Bin Saeed Al Mansouri, UAE's Minister of Economy.

The Sakha officials are scheduled to sign agreement with the Sharjah Chamber of Trade and Commerce during the Annual Investment Meeting 2014. Alrosa is also scheduled to sign a contract with the Dubai Diamond Exchange (DDE).

One of the top priorities of the Yakutia delegation’s visit to the UAE is to increase the value of trade. The UAE imported $68 million worth of diamonds from Yakutia in 2013.

“I think investors from the UAE will have a good opportunity to take part in investment projects such as the development of infrastructure, tourism, new technologies and the establishment of new industrial locations to produce unique jewelry products,” said Borisov.

“I expect Dubai and the UAE to grow into a diamond trading hub.”

Dubai has become a leading global trading center for rough and polished diamonds as well as diamond jewelry with total trading annually of $39 billion of goods.