The official signing ceremony took place on April 15, 2013 in Beijing. On behalf of ALROSA, the document was signed by the Company’s President Mr. Fyodor Andreev, while on behalf of Shanghai Diamond Exchange it was signed by Mr. Lin Qiang, President of SDE.
As part of the agreement, the parties are to work out principles and conditions of their cooperation, including those for the prospective organization of the sale of ALROSA’s rough and polished diamonds at the auctions held by Shanghai Diamond Exchange.
By signing the Letter of Intent with SDE ALROSA is moving forward in its cooperation with Chinese companies. Earlier in November 2012 ALROSA entered into a long-term agreement for the supply of rough diamonds with one of the leading jewelry manufacturers in China – Chow Tai Fook Jewellery Group Limited.
“China is one of the most dynamically developing countries in the world. We believe Chinese market has a great potential for the growth of diamond jewelry consumption and of rough diamonds consumption as well. ALROSA has experience in cooperation with companies from China, including in the scope of long-term agreements, and we hope this cooperation will go further,” Mr. Andreev, President of ALROSA said.