ARS AND DE BEERS SIGN DIAMOND TRADE AGREEMENT.

ARS AND DE BEERS SIGN DIAMOND TRADE AGREEMENT.

Almazy Rossii-Sakha (ARS, also known as Alrosa) and the South African diamond company De Beers yesterday signed a new agreement under which De Beers will buy up to $1 billion of uncut gems from Russia in the coming year. (BBC, October 21) The agreement comes after two years of difficult negotiations and replaces an agreement that had been in operation for 30 years. That agreement was disrupted by internal feuding between the Russian federal authorities and ARS, which wanted a higher price for and greater control over the diamonds produced on its territory. Based in the Republic of Sakha (Yakutia), ARS is Russia’s biggest producer and exporter of rough diamonds.

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