ALROSA Hong Kong Limited became a member of the Shanghai Diamond Exchange (SDE) and received more trading opportunities in mainland China.
This membership provides a great advantage for direct trade in rough and polished diamonds in mainland China, as well as strengthens ties between ALROSA and SDE as part of the bilateral industry cooperation.
“In 2020, demand for diamond jewelry 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, 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,” commented Evgeny Agureev, Deputy CEO of ALROSA.
ALROSA has been present in China since 2005, while the first long-term agreement with Chinese jewelry retailer was signed in 2010. In 2013, the company signed a Letter of Intent with SDE, which was a significant step towards the development of trade and cooperation with Chinese companies. Today ALROSA has three long-term clients from China, including major jewelry retailers. ALROSA is also working on marketing initiatives in the country, inviting local jewelry companies to cooperate.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
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