Kristall in talks with ALROSA, De Beers for new contracts

Smolensk-based Kristall is in talks with ALROSA and De Beers about new long-term contracts, reports say.

The discussion is in regards to Kristall interest in increasing the quantitative and qualitative share in the new contracts. Kristall is currently working with a zero profit margin, adds report. This is due partly to a downturn on the rough and cut diamond market in September. Prices for rough diamonds will not go up more than 2 per cent to 3 per cent for the year by the end of 2014 because of a correction during the second half, reports say.