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Magazine > Industry News > News Content

Alrosa hopes to continue sales to De Beers

Author: East Siberia 9/19/2006 1:08:33 AM

- Mirny, East Siberia, Russia -- Despite agreeing earlier this year to phase out the sale of rough diamonds to De Beers, Russian producer Alrosa is now appealing the decision made by the European Commission (EC), according to published reports.

Under the current agreement, De Beers will purchase $600 million in rough diamonds from Alrosa this year, $500 million in 2007 and $400 million in 2008. De Beers has vowed to stop purchasing diamonds from Alrosa by 2009.

The EC said at the time that the settlement would make more rough available on the open market, boosting competition.

However, Reuters reported Alrosa has appealed the decision and hopes to resurrect its initial deal with De Beers.

"We have launched an appeal, and we hope that in half a year there will be a decision in our favor," Alrosa president Alexander Nichiporuk told journalists.

The European Union (EU) opened an investigation into the trade between the companies in 2002, when De Beers agreed to a five-year deal to purchase $800 million in rough diamonds from Alrosa annually.

"In the view of our lawyers we have good chances to win this case," Nichiporuk reportedly said. "It will be a fast appeal case, with two or three court sessions. The first [is] due in early October."

If the companies must comply with the decision, he said they would work together in other areas.

"The EU decision covers trade, but those production and exploration plans which we have mapped out will be implemented," he said.

Earlier this month, De Beers and Alrosa said they would pursue joint diamond exploration projects in Russia and other parts of the world.

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