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Russia Trade South Africa

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October 22, 1997 | Associated Press
Russia's diamond monopoly signed a long-awaited trade deal with South African cartel De Beers, opening the way for exports of large quantities of Russian diamonds. Under the agreement, De Beers will buy at least $550 million in rough gem diamonds from Russia--or about half the country's annual output--in 1997 and 1998. For the other half, diamond monopoly Almazy Rossii-Sakha will let Russian cutters choose the best quality gems, then sell the remaining unwanted stones to De Beers.
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BUSINESS
October 22, 1997 | Associated Press
Russia's diamond monopoly signed a long-awaited trade deal with South African cartel De Beers, opening the way for exports of large quantities of Russian diamonds. Under the agreement, De Beers will buy at least $550 million in rough gem diamonds from Russia--or about half the country's annual output--in 1997 and 1998. For the other half, diamond monopoly Almazy Rossii-Sakha will let Russian cutters choose the best quality gems, then sell the remaining unwanted stones to De Beers.
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