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DMCC to set up a diamond working group with Russia

The Russian side will be represented by Alrosa and Smolensk Kristall, while Dubai will be represented by the senior management at DMCC.

The recent Russian delegation to Dubai to initiate discussions between the working groups was headed by Alexander Nichiporuk, President of Alrosa. "The Russian diamond mining industry is on the lookout for opportunities to establish its presence in the growing markets of the Middle East and Gulf," said Ahmed bin Sulayem, Chief Operating Officer of DMCC commenting on the setting up of the Dubai Russia Diamond Working Group. "Senior representatives of the Russian diamond industry have explored the possibilities for mutual co-operation during their visit to Dubai.

The Dubai Russia Diamond Working Group will lay the foundation for this collaboration with a special focus on the exchange of market information between Dubai and Russia," he added.

Alrosa is planning to start the sales of rough diamonds of both Russian and African origin in the near future to satisfy the growing demand from the regional diamond industry. Representatives of Alrosa believe that sales of rough will give a new impulse to the diamonds turnover.

Alrosa is one of the biggest diamond mining companies in the world with approximately 23 per cent share in world production. The shareholders of Alrosa include the Ministry of Property of Russian Federation with 37 per cent shares, the Ministry of State Property Management of Yakutia with 32 per cent shares, the employees of the company with 23 per cent and the eight administrative units (uluses) of Yakutia with eight per cent.

Smolensk Kristall is the first and largest Russian polished diamond manufacturer that was set up in 1963. As a pioneer in domestic jewellery diamonds processing, Kristall has always been in the vanguard of the industry and has gradually become one of the major players on the international market.