Source Pravda.Ru

ALROSA receives 5-year quota for diamond exports

On February 28, Russian Prime Minister Mikhail Kasyanov signed a government ruling on giving a five-year quota for diamond exports to ALROSA, the government press service reported.

The document envisages the possibility to give long-term quotas for exporting uncut diamonds.

According to ALROSA Vice President Yury Dudenkov, this document is a guarantor of stability. It will trigger investments in the development of production and receiving favorable long-term credits at foreign banks. The previous procedure when quotas were received with a three-month delay resulted in a considerable decrease in revenues from selling diamonds.

By 2005 ALROSA is planning to increase its diamond production to $2bn.

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