Mining giant Alrosa has signed a Letter of Intent with Shanghai Diamond Exchange (SDE), with the view to increasing its supply of rough and polished diamonds into China. This will include the sale of rough and polished diamonds by Alrosa at the SDE auctions.

Following this, both sides will collaborate on the principles and conditions of their cooperation and for the sale of Alrosa rough and polished diamonds at Shanghai exchange auctions.

Alrosa had also signed a long-term agreement with Chow Tai Fook Jewellery Group Limited, a leading jewellery manufacturer in China, to supply rough diamonds to the company.

Alrosa believes that the Chinese market holds high potential for growth in its diamond jewellery and rough diamond consumption, reports say.