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Russian diamond giant Alrosa may launch Armenia jewelry business

YEREVAN, August 6 (RIA Novosti) - Russia's largest diamond producer Alrosa [RTS: ALRS] could launch a jewelry business in Armenia, the company's president said Monday.

The government of Armenia and Alrosa, which accounts for 97% of Russia's raw diamond production and for 25% of global output, signed on August 6 in Yerevan an agreement on cooperation in the jewelry and diamond-cutting sectors.

"The Russian jewelry market has huge vacant niches and we do not rule out the possibility of utilizing the capacities of Armenian jewelry enterprises for the placement of orders," Sergei Vybornov said.

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