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IDE, Alrosa to enhance diamond trade

29 May 2019


 

The Israel Diamond Exchange (IDE) and Russian miner Alrosa have expressed interest in further strengthening their diamond trade to facilitate the entry of additional rough goods to Israel.

This was the result of a recent meeting between IDE President Yoram Dvash and Alrosa CEO Sergey Ivanov in Moscow. Dvash led a delegation of 28 Israeli diamond companies, together with Israel Diamond Institute Chairman Boaz Moldawsky, to meet senior Alrosa officials.

Dvash informed Ivanov of Israel’s desire to buy more rough diamonds from Alrosa, citing a slowdown in rough diamond sales. 

Ivanov, for his part, emphasised IDE’s multifaceted approach to business development aimed at promoting not only traditional models but also various start-ups and technologies within the Diamond Tech Innovation Center. Ivanov expressed interested in boosting cooperation with the Israeli bourse, IDE said.

In another development, Alrosa sold more than US$10 million worth of special-sized rough diamonds of over 10.8 carats at a recent auction in Israel. 

The company auctioned off 120 stones with a total weight of 1,940 carats, including two large diamonds weighing more than 50 carats each. Firms from Israel, Belgium, India, the US, UAE, Russia and Hong Kong participated in the sale.

"Large rough diamonds are consistently popular with Israeli diamantaires. The latest auction is the third in a row this year. This is our highest revenue in Israel since the beginning of 2019. We plan to hold three more auctions here by yearend. We look forward to stable demand from customers," said Evgeny Agureev, director of the United Selling Organization at Alrosa.