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The management of Russian diamond mining giant Alrosa has held its annual meeting with long-term customers in order to discuss the preliminary results for 2014 and share views on the diamond market.
The attendees agreed that the long-term supply practice used by Alrosa since 2009 has proved its efficiency. Such contracts guarantee stable supplies of rough stones, provide a hedge against diamond prices volatility and enable both the company and its clients to do long-term business planning, the firm said in a statement.
From 2015, Alrosa will embark on a new three-year contract period. By the end of this month, the miner intends to complete the signing of long-term supply contracts with its customers for the new term.
Supply under long-term contracts will continue to be the core of Alrosa’s sales policy, as the company plans to sell about 70 percent of rough diamonds on such terms. Alrosa has created a system of distribution to the largest players in the diamond business, in particular, diamond manufacturers and jewelry retail companies.
Alrosa and its clients discussed recent trends in the diamond industry. The main themes that customers spoke about were the origin of diamonds, the need for more transparency, and the development of innovative technologies in creating lab-grown gem-quality diamonds.
Alrosa’s customers agreed that joint efforts were needed to enhance the reputation of the industry in the eyes of end consumers, and said that Alrosa’s efforts to exchange information with industry organizations on a regular basis, and to implement responsible business practices in its long-term supply contract practices were important.