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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