Alrosa Continues to Renew Long Term Contracts, Rosy Blue Latest

(IDEX Online News) – As the majority of Alrosa's three-year supply contracts are ending in 2012, the Russian diamond miner is in a process of renewing them. After it recently signed supply contracts with Tiffany & Co. and Chow Tai Fook, today (Wednesday) the company signed a new agreement with Rosy Blue.

With revenues of exceeding $2 billion in 2011, Rosy Blue has been an Alrosa long-term client since 2010. It also participated in Alrosa's international auctions.

CEO Fyodor Andreev said at the signing ceremony that the new agreement continues their partnership with Rosy Blue, one of Alrosa's "major customers."

"For ALROSA it is a priority to enter into direct long-term contracts with major companies involved in the manufacturing of final products – polished diamonds and jewelry. Such agreements guarantee stable sales volume to us, as a producer, and guarantee stable rough diamond supply to a customer," Andreev said.

"We are delighted to enter into the extension of our partnership with such a reliable diamond supplier such as Alrosa," Dilip Mehta head of Rosy Blue, said.

"Close and continuous dialogue with Alrosa has enabled us to navigate through the past month of difficult market conditions," Mehta added.