ALROSA and Israel Diamond Exchange (IDE) signed a Memorandum of Understanding (MoU) aimed at strengthening partnership between the company and Israel diamond community, to develop the diamond industries of both countries and promote the business in the international market.

The Memorandum was signed at the sidelines of International Diamond Week in Israel on 9 February. The official ceremony was held in presence of Reuven Rivlin, the president of Israel.  The document was signed by Andrey Polyakov, ALROSA Vice president, and Shmuel Schnitzer, the President of Israel Diamond Exchange.

The parties agreed to exchange information on polished diamond identification and grading, joint research toward new technologies for diamond cutting and polishing.

The document envisages developing new methods of sorting and origin analysis of diamonds, as well as the identification of synthetics and treated diamonds. It also aims at encouraging disclosure of synthetic diamonds in jewelry products and promoting natural diamonds in the consumer markets, as well as developing further responsible business practices.

Andrey Polyakov, ALROSA Vice president, said “ALROSA considers information exchange between diamond market participants and industry organizations to be very important. Such cooperation increases market transparency and builds up confidence. One of the major advantages of Israel diamond industry is its phenomenal technological development. We are sure that we'll be able to identify the many interests and synergies we share and cooperate successfully”.

Shmuel Schnitzer, the IDE president, said “We're honored and pleased with the visit of this high ranking delegation of ALROSA. Annually, the Russian company produces a quarter of all gem quality diamonds in the world and we are very pleased with the closer ties that we are establishing by means of the MoU.”