RAPAPORT... Diamond producer Arkhangelskgeoldobycha (AGD), which is currently bringing the Grib diamond pipe near Arkhangelsk in northwestern Russia into production, signed a marketing contract with London based WWW International Diamond Consultants.
Under the terms of the contract, WWW will advise AGD on how best to maximize its rough diamond output once goods come to market at the end of 2013. AGD, which is wholly owned by oil giant Lukoil, has estimated that it will be mining annually at least four million carats of high-quality diamonds once it reaches full production, according to WWW.
Maxim Mescheriakov, the chief executive of AGD, said, "Lukoil and AGD are delighted to have available the skills and vast experience of WWW to guide us in all aspects of marketing during the pre-production phase of the Grib pipe. WWW's role will be crucial in ensuring that our diamonds are well received in the international markets."
Richard Wake-Walker of WWW added, ''At a time of developing shortages in diamond supply worldwide, AGD's Grib pipe will be the next significant diamond producer. Based on the fine-quality rough diamonds from the bulk samples that we have already assessed and valued, we are convinced this mine will become a key supplier to traders and polishers around the world. WWW is looking forward to working closely with AGD to this end."