Russian banks start granting loans to ALROSA’s foreign clients for the purchase of rough diamonds
Moscow, January 30, 2020 – International diamond manufacturer Dali Diamond, one of ALROSA’s long-term clients, signed a loan agreement with EXIMBANK OF RUSSIA (part of the Russian Export Center Group) for the financing of rough diamond purchases from ALROSA. Dali Diamond successfully started to use the loan funds during the January trading session of ALROSA.
The loan agreement between EXIMBANK OF RUSSIA and Dali Diamond provides for a 24-month revolving credit line in euros. The terms of financing are among the best in the industry today – both with regard to rates and deferred payments to the bank. EXIAR is in charge of risk insurance under the agreement.
“It’s another milestone for Dali Diamond to receive a seal of confidence of the EXIMBANK OF RUSSIA in choosing Dali as their first client in diamonds”, noted Isidore Morsel, President of Dali Diamond Co.
“This transaction marked the beginning of cooperation between EXIMBANK OF RUSSIA and EXIAR with the diamond industry and one of ALROSA’s long-term clients, the Belgian company Dali Diamonds. Undoubtedly, this transaction is a good foundation for further enhancing cooperation on projects related to export of diamond products to ALROSA, the undisputed international leader in the diamond industry,” said Nikita Gusakov, Senior Vice President of the REC Group.
“We are happy that our long-term client Dali Diamonds had successful negotiations with the EXIMBANK OF RUSSIA and for the first time ever could finance the purchase of ALROSA’s goods within a revolving credit line. It is a new source of funds in our industry, and we hope that such form of cooperation will work out,” says ALROSA Deputy CEO Evgeny Agureev. “Now, when we often hear that sources of financing in the industry are cut down and key players have decided to withdraw from the sector or are considering such an option, the actual financing that took place is encouraging and is a milestone for the whole diamond market.”
EXIMBANK OF RUSSIA is State Specialized Russian Export-Import Bank (JSC), a development institution providing credit and guarantee support to Russian suppliers of domestic goods and services. The Bank is a member of the Association of Russian Banks (ARB), the Moscow Exchange, the National Association of Stock Market Participants, the Russian Financial and Banking Union (RFBU), ROSSWIFT, S.W.I.F.T., the non-profit partnership National Committee for the Assistance to the Economic Cooperation with Latin American countries, the Russian National Committee of the International Chamber of Commerce – World Business Organization. EXIMBANK OF RUSSIA is part of the Russian Export Center group.
EXIAR is Russian Agency for export credits and investments insurance, specialized state institute of export support for insurance instruments of export credits and investments protection. The Agency is a national export credit agency (ECA), created from scratch as part of the task to activate the development and implementation of the export support program, set by the Russian Government in late 2009 while implementing measures for the anti-crisis development of the national economy.
Dali Diamond is an Antwerp-based international company, which has been manufacturing and trading rough and polished diamonds for three generations. As one of the long-term clients of ALROSA it sources rough diamonds directly from ALROSA and supplies polished diamonds to the world’s most famous and demanding luxury jewellery brands from Place Vendome in Paris to Fifth Avenue in New York.