Russian firm's diamond monopoly to be broken
( 2003-08-25 09:20) (China Daily)
Russia plans to begin liberalizing its lucrative diamond market and
privatize the Alrosa diamond monopoly, Deputy Prime Minister Alexei Kudrin said
on Saturday.
Kudrin, who is also the Russian finance minister, was quoted as saying that
preparations are under way to privatize Alrosa between 2004 and 2005, the
Interfax news agency reported. The company must first be turned from a closed
stock company to an open one, as the law requires before any of its shares may
be sold on the open market.
Kudrin also said that changes are being proposed to the country's laws on
state secrets concerning precious metals. The changes would mean that
information about deposits of diamonds and the platinum group of metals would be
made available.
"At present, there is no need to keep secrets about these reserves," Kudrin,
who also serves as chairman of Alrosa's board of directors, was quoted as
saying.
State-owned Alrosa is Russia's only diamond mining company and the world's
second-largest rough diamond producer, after the Anglo-South African concern De
Beers. Last year, Kudrin suggested in an interview with the daily Izvestia
newspaper that foreigners might be allowed to buy shares in the company.
On Saturday, he reaffirmed that the government might initially try to
increase its shares in Alrosa before any privatization.
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