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ALROSA tied up long-term agreement on rough supply to Tiffany

29 november 2012

ALROSA has signed a long-term agreement on the supply of rough to Laurelton Diamonds, a subsidiary of Tiffany & Co based in Belgium, according to a press release seen by Rough&Polished on Wednesday.
The official signing ceremony took place on 28 November in Moscow. On behalf of ALROSA the document was signed by the company’s CEO Fyodor Andreev, while Andrew W. Hart, President of Laurelton Diamonds signed it for Laurelton Diamonds.
“For ALROSA it is a priority to enter into direct long-term contracts with major companies involved in the manufacturing of final products – polished diamonds and jewelry. And we are pleased that the number of our regular customers is now joined by such a global brand with a long history, as Tiffany. In recent years, Laurelton was on repeated occasions among ALROSA’s buyers of rough diamonds under one-off contracts. The signing of a long-term agreement will make our partnership permanent and serve to increase the supply of diamonds to Tiffany,” Fyodor Andreev said during the ceremony.
Laurelton Diamonds, a subsidiary of Tiffany & Co founded in 2002, is purchasing rough diamonds for further cutting and subsequent transfer to Tiffany. It has its own diamond cutting facilities located particularly in Belgium, Vietnam, South Africa, Botswana, Namibia and Mauritius.
Tiffany & Co, established in 1837 is one of the world’s largest retail chains trading in jewelry and luxury goods. Currently, about 250 jewelry stores operate under the Tiffany brand. The company's revenue reached $3.6 billion in the fiscal year of 2011-2012.
ALROSA is the world's largest diamond miner by volume. In 2011, the company produced 34.6 million carats of rough, while ALROSA Group’s revenue totaled $4.454 billion. To date, ALROSA has more than 35 long-term agreements for the supply of diamond goods.