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. Last Updated: 07/27/2016

Diamond Sales Up

MOSCOW () -- Almazy Russia-Sakha, Russia's biggest diamond producer and the only exporter, saw its 1995 sales rise 6.5 percent to $1.3 billion, Itar-Tass quoted the company's president as saying Monday.

Vyacheslav Shtyrov said 1996 sales were likely to be the same as last year. Almazy's revenue from sales totalled 3.5 trillion rubles ($704 million) last year, he said.

The Russian government authorized Almazy to export rough diamonds and to sign a new treaty on rough diamond sales with South African diamond group De Beers.

De Beers and the Russian government signed a memorandum of understanding in February governing sales of Russian stones through De Beers' London-based Central Selling Organization, but the

document still has to be worked into a formal contract.