Alrosa, the Russian leader in the field of diamond exploration, intends to sign a long-term diamond supply contract with Tiffany&Co, reports the Russian Vedomosti newspaper.
      
      The Russian party has already started diamond supplies to Tiffany, but the agreement will probably be signed at the end of 2007.
      
      In 2006 Alrosa’s net profits totaled 3 billion dollars. The company exported 55.9% of its production with the rest sold on the domestic market. The South-African De Beers purchased the main share of exported products.
      
      Alrosa and De Beers cooperated for over 50 years, but due to the demands raised by the European Commission, De Beers has to cut diamond purchases from Alrosa in 2009, since the cooperation of the companies may adversely affect the competition on the European market.
      
      source:
      www.lenta.ru