Tiffany, Alrosa Sign Long-Term Rough Diamond Supply Contract

(IDEX Online News) – Alrosa and Tiffany & Co.'s subsidiary Laurelton Diamonds signed a long-term rough diamond supply agreement in Moscow today (Wednesday).

In the past few years, the Russian diamond monopoly has been implementing a strategy of signing clients on long-term supply agreements, ensuring a steady level of sales.

Although Alrosa already has a number of such clients, in recent months it has been actively pursuing additional clients, mainly large firms. Earlier this month it signed a two-year agreement with Chinese jewelry manufacturer Chow Tai Fook Jewellery.

“For Alrosa it is a priority to enter into direct long-term contracts with major companies,” Alrosa CEO Fyodor Andreev said during the signing ceremony.

"In recent years, Laurelton was on repeated occasions among Alrosa’s buyers of rough diamonds under one-off contracts. The signing of a long-term agreement will make our partnership permanent and serve to increase the supply of diamonds to Tiffany.”

Founded in 2002, Laurelton Diamonds is a diamond polisher that supplies parent company Tiffany. It has its diamond polishing facilities in Belgium, Vietnam, Mauritius, South Africa, Botswana and Namibia. It is also a DTC Sightholder.