Alrosa brings coloured diamonds to Hong Kong in effort to conquer China
World’s top diamond producer by output Alrosa (MCX:ALRS) is stepping up efforts to tap into the Chinese market in an attempt to catch up with main rival De Beers in a market that has shown stable growth.
The Russian miner currently supplies at least 5% of its rough diamonds to China (around $180 million in sales), but it believes that it could do more, such as selling directly to jewellery retailers.
As part of its plans to expand into that market, Alrosa will hold its first “True Colour” auction of coloured polished diamonds, during the Hong Kong Gem & Jewellery Fair taking place this month.
The collection includes 250 polished diamonds of various shapes and colours — purple, pink, orange and vivid-yellow stones with certificates provided by the Gemological Institute of America (GIA).
The star of the show, says Alrosa, will be a fancy deep purple-pink cushion of 11 carat. According to GIA, the diamond is the largest of this colour ever certified by them.
Another hero stone of the collection are a vivid orange-yellow diamond of over 15 carats and a cushion-shaped, 11-carat fancy vivid yellow one.
“It took more than a year to prepare the collection,” the company’s chief executive, Yury Okoemov, said in the statement. “It is a masterpiece of diamond production created by skillful professionals who put heart into their work.”
The company, which aims at leading the coloured diamond market, will sell these stones via a special electronic platform. The auction, it noted, will become a regular happening once or twice a year and Alrosa expects to be able to hold it in mainland China as well.