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. Last Updated: 07/27/2016

Diamond Deal Close

MOSCOW -- Almazy Rossii-Sakha, or Alrosa, Russia's biggest producer and exporter of rough diamonds, and South African diamond giant De Beers on Wednesday initialed the text of an agreement due to be signed Oct. 21 concerning Russian diamond exports via the De Beers cartel.

A source at Alrosa said representatives from both companies met in Moscow for six hours Wednesday to discuss the finer points of the deal.

The representatives included Vyacheslav Shtyrov, the Alrosa head, and Gerard Ralfe, managing director of the De Beers Central Selling Organization.

Alrosa must export at least $550 million worth of rough diamonds via De Beers annually.