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. Last Updated: 07/27/2016

Russia-De Beers Talks Set for September

Russia is likely to resume talks on prolonging a current five-year marketing deal with South African diamond giant De Beers in September, Leonid Gurevich, deputy head of the Committee for Precious Metals and Precious Stones, said Thursday.

Gurevich said a De Beers delegation left Moscow on Wednesday after talks with top Russian government officials, including Prime Minister Viktor Chernomyrdin and Deputy Prime Minister Oleg Davydov.

Under the current deal, which is due to expire in December, Russia sells 95 percent of its rough gem diamonds through De Beers' Central Selling Organization. Russia's quota is 26 percent of all CSO sales on the world market.