Russia to Sell De Beers $550 Million in Diamonds

January 22, 1999

Russia to Sell De Beers $550 Million in Diamonds

Russian diamond company ALROSA announced this week it will sell $550 million worth of rough diamonds to De Beers' Central Selling Organisation in 1999. This marks the first time in several years Russia fixed its quotas at the beginning of the year, according to Russia's Prime Tass news agency.

The projected value of sales to the CSO is in accordance with an agreement renewed by the two parties in the fall. ALROSA President Vyacheslav Shtyrov said in November that sales to De Beers would possibly exceed $900 million in 1999.

ALROSA projects it will mine and sell $1.43 billion in rough diamonds this year.

- by Stacey King