RAPAPORT… Alrosa’s Hong Kong operation has become a member of the Shanghai Diamond Exchange (SDE) in an effort to increase opportunities for direct rough and polished trading in mainland China.
The move will also strengthen ties between Alrosa and the SDE, the miner said Wednesday.
“In 2020, demand for diamond jewelry in China increased,” Alrosa deputy CEO Evgeny Agureev noted. “Covid-19-related travel restrictions changed the consumption model and people were purchasing goods in their own country. Largely due to this fact, jewelry retailers, especially those from mainland China, continue to strengthen their position in the market. Therefore, it is very important for Alrosa to have business here, improving relations with the industry community and increasing the number of customers [it has in the area].”
The Russian miner, active in China since 2005, currently has three long-term Chinese clients. The company is working on new marketing initiatives in the country, and inviting local jewelry companies to participate, it added.
Image: The Shanghai skyline. (Pxfuel)
Alrosa Joins Shanghai Bourse to Up China Presence
The Bottom Line
- Alrosa's Hong Kong operation became a member of the Shanghai Diamond Exchange to enhance direct rough and polished diamond trading in mainland China.
- The move aims to strengthen Alrosa's ties with the Chinese diamond industry amid rising domestic demand for diamond jewelry since 2020.
- Alrosa has been active in China since 2005, currently serving three long-term Chinese clients and launching new marketing initiatives involving local jewelers.
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