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IDEX Online, Israel
June 17 2007
Alrosa Considering $50 million Jewelry Retail Chain
(June 17, '07, 9:00 IDEX Online Staff Reporter)
Russian diamond miner Alrosa has never limited itself solely to
diamonds. The company is also involved in gold and other precious
commodities. Now the miner is contemplating heading downstream with
the establishment of a chain of diamond jewelry stores.
According to a report in the Russian Vedomosty newspaper, Alrosa is
planning to invest $50 million in establishing the high-end retail
operation. Vedomosty reports that the company is considering jewelry
lines for men, women and children, with prices starting at $800.
Alrosa president Sergey Vybornov told Vedomosty, that Alrosa has the
capacity to establish 50 shops in Moscow and other main cities within
five years. He also said that the retail products may be manufactured
outside of Russia, and suggested Armenia as a potential manufacturing
location.
The plan has already drawn some criticism. Ararat Evoyan, vice
president of the Russian Diamond Manufacturers Association, calls the
project a `reckless scheme.'
To succeed in a jewelry production and retail operation, more the $50
million is needed, Evoyan said. Vybornov countered that the goal is
to raise demand for diamonds.
http://www.idexonline.com/portal_FullNews.asp?id=2 7699
June 17 2007
Alrosa Considering $50 million Jewelry Retail Chain
(June 17, '07, 9:00 IDEX Online Staff Reporter)
Russian diamond miner Alrosa has never limited itself solely to
diamonds. The company is also involved in gold and other precious
commodities. Now the miner is contemplating heading downstream with
the establishment of a chain of diamond jewelry stores.
According to a report in the Russian Vedomosty newspaper, Alrosa is
planning to invest $50 million in establishing the high-end retail
operation. Vedomosty reports that the company is considering jewelry
lines for men, women and children, with prices starting at $800.
Alrosa president Sergey Vybornov told Vedomosty, that Alrosa has the
capacity to establish 50 shops in Moscow and other main cities within
five years. He also said that the retail products may be manufactured
outside of Russia, and suggested Armenia as a potential manufacturing
location.
The plan has already drawn some criticism. Ararat Evoyan, vice
president of the Russian Diamond Manufacturers Association, calls the
project a `reckless scheme.'
To succeed in a jewelry production and retail operation, more the $50
million is needed, Evoyan said. Vybornov countered that the goal is
to raise demand for diamonds.
http://www.idexonline.com/portal_FullNews.asp?id=2 7699