Russian Alrosa renews rough supply contract with Rosy Blue

Russian diamond company Alrosa has signed a long-term agreement on the supply of rough diamonds to Rosy Blue, one of the firm's major long-term customers.

With revenues exceeding $2 billion in 2011, Rosy Blue has been an Alrosa client since 2010. It has also participated in Alrosa's international auctions.

"For Alrosa it is a priority to enter into direct long-term contracts with major companies involved in the manufacturing of final products – polished diamonds and jewelry. Such agreements guarantee stable sales volume to us, as a producer, and guarantee stable rough diamond supply to a customer," said CEO Fyodor Andreev in a statement.

Rosy Blue, established in 1973, specializes in rough and polished diamond trading, diamond cutting and jewellery manufacturing. It has its own diamond cutting facilities located in India, Thailand, Israel, Belgium and Sri Lanka and three jewellery manufacturing facilities.

The state diamond monopoly recently closed a deal worth nearly $60 million with U.S jewellery giant Tiffany.