Alrosa strengthens its Dubai reach

Mining giant Alrosa has restarted operations at ARCOS East DMCC sales office in Dubai, after five years of closing it during the 2009 market slowdown, reports say. The outlook changed following Dubai’s growth as a leading trade centre of the world. The new office would serve as a platform to venture further in this growing market through service as a trading platform, hosting auctions and one-to-one interaction with clients of the region, thereby feeling the market pulse resulting in forecasts on rough diamond prices.

The office hosted its first rough diamond auction this November, offering large rough diamonds (sized over 10.8 carats), regular stones and polished diamonds and witnessing strong interest and stable demand for Alrosa’s rough diamonds. More than 80 companies, including clients from UAE, participated in the auctions as bidders.

Alrosa continues to enjoy good clientele support from Dubai, as in the first nine months of 2014, the companies from UAE bought rough diamonds for a total consideration of $100 million at tenders and spot sales. To improve the cooperation with UAE diamond community ALROSA signed a Memorandum of Understanding (MoU) with Dubai Diamond Exchange (DDE).