The Russian government is reported to have reached agreement with the Central Selling Organization (the De Beers’-led international diamond cartel) and the two will sign a new marketing agreement shortly. The news comes as a surprise. Negotiations dragged on throughout 1996 until, frustrated by the lack of progress, De Beers ended all formal links with Russia on January 1. News that a new deal is close to signature was welcomed as a sign that the threatened destabilization of the world diamond market has been avoided. (Financial Times, January 21)
Funds Pumped into Russia’s Space Industry.