ALROSA has reopened ARCOS East DMCC sales office in Dubai in November 2014.
The activity of ARCOS East was suspended during the market downturn in 2009. ALROSA’s decision to reopen the sales office is connected with rapid growth of Dubai as world’s diamond trading center. The trading platform on site will contribute to strengthening the company’s presence at the diamond market of United Arab Emirates. Holding an auctions and working with clients directly in the region will allow controlling current market conditions and making forecasts on rough diamond prices.
At the end of November, ARCOS East DMCC held first auctions of large rough diamonds (more than 10.8 carats), regular stones and polished diamonds. The results of the auctions demonstrated strong interest and stable demand for ALROSA’s rough diamonds. More than 80 companies, including clients from UAE, participated in the auctions as bidders.
To date ALROSA already has some buyers from Dubai. In the first nine months of 2014, the companies from UAE bought rough diamonds for a total consideration of $100 mln at tenders and spot sales.
To improve the cooperation with UAE diamond community ALROSA signed a Memorandum of Understanding (MoU) with Dubai Diamond Exchange (DDE). Both parties continue to work closely and exchange expertise and information regarding the implementation of the Kimberley Process Certification Scheme, share information on market intelligence and opportunities.