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14 Dec, 2006 09:20

Russia seeks greater role in the global diamond market

Russia seeks greater role in the global diamond market

The Moscow diamond bourse joins the world federation as Russia seeks to become a bigger player in the global diamond market. Although Russia is a major producer of diamonds it has little influence on the world market.

The Moscow Diamond Bourse, where dealers, large and small, buy and sell between themselves, aims to change status quo in the global diamond market. It has just joined the World Federation as the 26th member.  

The Moscow Bourse is the second Russian organization to be included in the World Federation of Diamond Bourses. It follows the Diamond Chamber founded by Russian mining company Alrosa.

Russia is the fourth-biggest diamond producer in the world but its efforts to raise its profile in the market have been less successful. The European Commission has banned Russia’s largest diamond company Alrosa from selling diamonds jointly with De Beers.

Still Russia does not yet meet global standards in terms of trading and liberalization. It is also a monopoly which operates under high taxes. As Russia gets closer to entering the World Trade Organization, its diamond market will update its rules and the way it sets prices, to bring it in line with global practices.