July 13, 2001
Alrosa to Create Diamond Brand
The Russian diamond mining monopoly Alrosa plans to market polished diamonds under its own brand some time next year, the Financial Times reports. The company, which currently sells half of its $1.5 billion output abroad, mostly through De Beers, plans to double the size of its diamond-cutting business to $200 million by 2005.
According to the Financial Times, the new Russian brand is likely to be developed in conjunction with Kristal Smolensk, the largest diamond cutter in Russia. Alrosa's president says the creation of a new brand would be Russia's contribution to the diamond industry's campaign to raise its profile. In addition, the brand would not compete directly with De Beers' "Forevermark" or the Diamond Trading Co.
Russia is the second-largest source of diamonds and accounts for one-fifth of global production.
- by Julia M. Duncan