De Beers Close to New Contract with Russia

A De Beers spokeswoman confirms that the company is “optimistic” about signing a new contract with Russian authorities. The two parties are now in Russia negotiating a new contract, likely to run for four years, reports say.

While any contract may increase the number of diamonds Russian authorities sell domestically, a new contract with Russia—the world’s second largest producer of stones—will likely fortify the company’s position as the “leading” company in the market.