By Eurasia Business News – January 7, 2021
Alrosa Hong Kong Limited, the Alrosa’s sales office in Hong Kong, became a full member of the Shanghai Diamond Exchange (SDE). This membership expands opportunities for trading activities in mainland China.
The Alrosa’s membership in the Shanghai diamond exchange (SDE) provides a great advantage for the direct trade of rough and polished diamonds in mainland China and also strengthens ties between the Russian diamond mining corporation and SDE as part of the development of bilateral industry cooperation.
Yevgeny Agureyev, Deputy CEO of Alrosa, said in a press release :
“In 2020, the demand for diamond jewellery in China showed growth, as the consumption paradigm changed due to the closure of borders – in the past year, people made purchases in their country. Largely due to this fact, jewellery retailers, especially from mainland China, continue to strengthen their positions in the market, so it is very important for ALROSA to be here, to improve the efficiency of interaction with the industry community and expand the client base […].”
Alrosa has been present in China since 2005, the first long-term agreement with a Chinese jewellery retailer was signed in 2010. In 2013, the Russian diamond mining company entered into an agreement of intent with the Shanghai Diamond Exchange, which was a landmark step in the development of trade and interaction with companies from China.
Alrosa has three long-term clients from China, including large jewellery retailers. The Russian diamond manufacturer, which launched an online store in December 2020, is also developing marketing initiatives in the country and inviting local jewellery companies to cooperate.
China will become the largest market for luxury goods by 2025, while Chinese buyers will account for almost half of the world’s spending on luxury goods, reported the international consulting company Bain & Company.
Mainland China has been the only region globally to end the year on a positive note, with sales of luxury goods growing by 45 % at current exchange rates to reach EUR 44 billion, as restrictions on international tourism have led more Chinese consumers to shop in their home country.
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