Special meeting with ALROSA President takes place at IDE

The President speaks of increased cooperation with Israel diamond industry
Image Courtesy: IDE
Image Courtesy: IDE

President of ALROSA, Andrei Zharkov discussed the company’s various future plans and challenges with an audience at the Israel Diamond Exchange, as per reports. This was a special meeting organised to hear the President of Alrosa and was attended by IDE President, Yoram Dvash, Israel Diamond Manufacturers Association President, Kobi Korn, senior officials and many diamond industry members in the management room of the Israel Diamond Exchange.

IDE President Dvash opened the session, speaking about ALROSA's position as a major supplier of rough diamonds and noted that ‘the Israel Diamond Exchange and ALROSA have a shared interest in strengthening business ties between us and enhancing cooperation for the benefit of the Israeli diamond community."

ALROSA President, Zharkov said, “ALROSA wants to support the different diamond centers including the Israeli Diamond Exchange. It is important for us to develop them and that is why we are here today," he added.

He also mentioned the re-branding of ALROSA's representative offices in Israel with the names having been changed from Arcos to, ALROSA Israel. He spoke about the strengthening of cooperation with the bourse and a memorandum of understanding signed by the sides two years ago, to boost the exchange of information between organizations.

He noted that Israel is one of the company’s three main markets in terms of volume in which it stands committed to increase cooperation and will hold tenders here of rough and polished goods.

Speaking of the challenges facing ALROSA and the industry globally, he said, "We believe that demand in 2017 will be stable, and we don't see any reason to increase or decrease the prices of rough. ALROSA plans to sell in the coming year, approximately 39 million carats of diamonds. Yet recovery in demand should not be taken for granted and the future is still uncertain, "he said.

On the subject of polished prices, he mentioned the Indian demonetization creating softer prices and is hopeful of reforms that would increase transparency in India." He said one of ALROSA's main challenges is preserving the long-term demand for rough and polished. "That's why we created the DPA. Our economic future is in the hands of the Millennial generation of consumers and how they relate to diamonds," he added. He insisted on full disclosure, and the use of modern equipment for detection of synthetic stones to increase consumer confidence in the diamond sector, describing the changes expected in the future with the GIA using different certificates for synthetics and the launch of detection recognition programs, in which ALROSA already takes part.

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