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Russia leader in diamond production
9.03.2010 18:08
Russia  leader in diamond production

ALROSa, Russia's diamond monopoly, was named the world's largest diamond producer in 2009, reports Reuters.
      Last year the company mined 34.7 million carats compares to 24.6 million mined by De Beers, the previous leader of the industry.
      Besides, the amount of diamonds produced in Russia by value reached $2.34 billion in 2009.
      ALROSa ended 2008 with huge losses ($1 billion), and, to save business and support the industry the management of the company didn't sell the diamonds produced in 2009 at foreign markets, where the demand for them is low, but sold it to the Russian State Depositary for Precious Metals. The Russian government gave the company 35 billion rubles for these purposes.
      ALROSA Co. Ltd. is Russia's largest diamond company engaged in the exploration, mining, manufacture and sales of diamonds and one of the world's major rough diamond producers. ALROSA produces about 20% of the world's rough diamond output and accounts for almost 97% of all rough diamonds produced in Russia.
      According to tentative data, ALROSA Groups rough diamond production in 2007 totaled $2.36 billion USD, while its polished diamond sales totaled $146.7 million USD.
      Geological surveys indicate that the company has sufficient diamond reserves to maintain the current level of production for the next 50 years.
      In 2010 the company plans to cut 800 jobs.


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