ALROSA Meets With 70 Long-Term Customers

Andrey Zharkov, the President of PJSC ALROSA, has held annual business meetings with the company’s long-term clients from more than 70 companies around the world.

The sides discussed ALROSA’s management diamond market trends, the company’s sales structure, and assessed ALROSA’s steps on developing its sales methods and geography.

The miner reported on the new contract period that is to start in 2018, and the parties studied the trading sessions schedule for 2017.

ALROSA announced that in 2017 all competitive bidding will be held online on a platform for electronic tenders developed by the company. Test sales on the new platform were held in 2016 and received positive feedback from the participants, the miner said in a statement.

In 2017, ALROSA will start regular special-size diamond auctions in Vladivostok and is planning to resume special-size diamond auctions in New York. It also plans to open a representative office in Mumbai, India.

To maintain the demand in the domestic market against the background of the abolition of export duty on export of rough diamonds, ALROSA decided to grant a payment grace period up to 180 days to buyers in the domestic market for up to 50% of the contract value (including VAT) secured with a bank guarantee.

ALROSA said its annual business meetings with long-term clients was held under its ALROSA ALLIANCE program development. The program aims to "unite ALROSA’s loyal clients who meet high standards of business conduct and possess a keen insight in the diamond market. All ALROSA’s clients who signed long-term agreements for the supply of gem-quality rough diamonds are granted the right to use the ALROSA ALLIANCE logo. The logo was designed to identify a customer who makes part of the range of loyal buyers of rough diamonds," the firm added.