Russian diamond miner Alrosa is on the verge of signing an $80 million diamond supply contract with Signet Jewelers, according to report in Russia Today.
The contract will run for three years, the report said.
Signet spokesman David Bouffard told JCK: “While it’s our policy not to comment on industry speculation, as it has stated in the past, Signet is committed to further developing its diamond sourcing initiatives in order to ensure the long-term supply of diamonds to meet the company’s needs. This includes continuing to further build our relationships with our established suppliers of polished diamonds and diamond jewelry, who will continue to account for the majority of our diamond sourcing.”
Signet is currently a Rio Tinto sightholder, and CEO Michael Barnes has indicated it would like to be a De Beers sightholder as well.
Alrosa already has a deal to supply diamonds to Tiffany & Co.
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