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. Last Updated: 07/27/2016

Undercutting Russia

According to the agreement between De Beers and Russia, Russian diamond prices will have to be based on world rates. Therefore, a 5-percent increase in world prices on large uncut diamonds automatically means higher raw-diamond costs for Russian diamond cutting factories, and will push them to the brink of ruin.

De Beers' activities can be considered an attempt to block Russia's efforts to develop its diamond cutting industry and corresponding exports of finished diamonds.

Moskovskiye Novosti, Nov. 29