ALROSA Co. Ltd. was set up under Decree 158C of the President of the Russian Federation 'On the Establishment of the Almazy Rossii-Sakha Joint Stock Company' signed on 19 February 1992. It is Russia's largest diamond company engaged in exploration, mining, manufacture and sales of diamonds and one of the world's major rough diamond producers.

ALROSA accounts for about 100% of all rough diamonds produced in Russia and for about 20% of the world's rough diamond output. In 1996 the company's rough diamonds sales amounted to US $1.6 billion.

Geological surveys indicate that the company has sufficient diamond reserves to maintain production at the current level for the next 50 years.

It is a legal successor of :

• the enterprises, organizations and divisions of NPO Yakutalmaz (former USSR state-owned diamond mining company);
• diamond sorting and marketing divisions of the State Committee for Precious Metals and Gemstones (Ministry of Finance of the Russian Federation);
• divisions of the Almazjuvelirexport Foreign Trade Association incorporated into its structure.

The company's activities are regulated by its Charter, agreements of lease with the Republic of Sakha (Yakutia) and decrees of the President of the Russian Federation. In conformity with its Charter ALROSA is a close-type joint stock company and it does not have a stock exchange listing. Though under its present name the company has operated since 1993, it has a longer history that dates back to 1954 when Russia's first diamond-bearing kimberlite pipe was discovered.

Related news: Around ALROSA Co. Ltd.