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Alrosa joins Shanghai Diamond Exchange

Alrosa has announced it recently became a member of the Shanghai Diamond Exchange (SDE), a move which will see the group receive more trading opportunities in mainland China.

The membership reportedly provides a “great advantage” for direct trade in rough and polished diamonds in mainland China, as well as strengthening ties between the group and SDE.

The global diamond miners have been present in China since 2005, in 2010 the company signed their first long-term agreement with a Chinese jewellery retailer.

In 2013, the group reportedly signed a Letter of Intent with SDE, which offered a “significant step” towards the development of trade and cooperation with Chinese companies.

Alrosa has since developed three long-term clients from China as well as continuing to work on marketing initiatives in the country, inviting local jewellery companies to cooperate.

Evgeny Agureev, deputy CEO of Alrosa, said: “In 2020, demand for diamond jewellery in China increased. Covid-related travel restrictions changed the consumption model and people were purchasing goods in their own country.

“Largely due to this fact, jewellery retailers, especially those from mainland China, continue to strengthen their position in the market. Therefore, it is very important for ALROSA to have business in the country, improving relations with the industry community and increasing the number of customers.”

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