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Another significant step in the mission to promote diamonds was taken with the inauguration of Russian mining giant Alrosa’s representative office in Mumbai on April 19, 2018.
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“Alrosa in India has observed a very successful history of diamond trade. It is the largest diamond mining company producing about 30% of the global diamond supply, which means that 1 in every 4 diamonds has been sourced from Russia. India is the largest diamond cutting and polishing centre. So, Alrosa is very interested to enter the Indian market,” said Evgeny Agureev, member of the Executive Committee and Director of the United Selling Organisation of ALROSA.
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Egureev added that Alrosa currently works with more than 140 Indian companies and has signed 15 long-term contracts with various manufacturing companies in the country. It also contributes to 16% of diamond sales in India and is engaged in industry-centric issues with its long-term partners, Bharat Diamond Bourse (BDB) and the Gem and Jewellery Export Promotion Council (GJEPC). Besides India, Alrosa has representative offices in the diamond trading hubs of Belgium, Israel, China, the UAE and the US.
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The dignitaries who graced the occasion were Anoop Mehta, president, BDB, Russell Mehta, advisor to chairman of GJEPC and Mehul Shah, vice president of BDB. The inauguration of the office happened as a result of agreement on a memorandum of cooperation between Alrosa and GJEPC, acknowledged and supported by Russia President Vladimir Putin and Prime Minister of India Narendra Modi in June 2017. The representative office will strive towards strengthening ties with the local jewellery market, understand its methodology and promote Alrosa’s brand value.
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Commencing his speech, Jim Vimadalal, director of the Mumbai representative office, thanked GJEPC and BDB for their support in setting up the office and wished for the same in the years to come as Alrosa enters the Indian market. “For me, diamond is a passion. We’ll be in touch with customers constantly. The issue of synthetic diamonds is a global one and Alrosa will soon launch a detection device named Alrosa diamond detector that will be an industry leader in synthetic detection.
GJEPC’s Russell Mehta welcomed Alrosa, saying there was always a need to have constant dialogues between Indian manufacturers and Alrosa. “Now, with the Mumbai office, the community will find it easier to encourage Alrosa to sell more diamonds in India and boost trade,” maintained Mehta.
On behalf of the Indian industry and BDB, Anoop Mehta said this initiative will bridge the gap between the global diamond mining giant and the needs of Indian manufacturers, who in turn need steady supplies. “We are looking forward to have Alrosa as one of the leading diamond suppliers here. India has tremendous potential to grow in diamond manufacture. For that, we need support and constant supply from Alrosa,” he mentioned.
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The growth curve for Alrosa, which currently provides 16% of Indian diamonds, is sure to rise as, Agureev said, there has been a growing demand of diamond jewellery in the country. “For couple of years, Alrosa’s share in Indian market stayed at 10% and we are using all our resources to deliver products in response to the healthy market demand,” added Agureev.
However, he also maintained that the company needs to find a balance between its resources and capacities to deliver and said that this year, Alrosa’s output will be 3 million carats less. Responding to whether this drop in supply of roughs from Alrosa would lead to spike in diamond prices, Mr Agureev said there are enough stock to maintain the price level of the previous year. “Not only supply, but also the demand and various other analytical information lead to fixing the price of diamonds. So this is not an easy demand-supply concept. Rest assured, the price won’t drop this year,” he added.
Promoting fancy coloured stones and popularising the brand among potential customers seems to be the roadmap of Alrosa for now. In 2017, Alrosa spent $150 million to fund over 500 social and charity projects. Given the fact that the company believes in improving the socio-economic structure of its operational areas, the opening of Alrosa’s Mumbai office is indeed a positive signal for India’s diamond industry.
Courtesy: Retail Jeweller News Service
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