Yakutia's EPL Diamond opens retail sales office in Beijing, China

The Yakutia company EPL Diamond officially opened a retail office to sell diamonds in Beijing on Friday.

"A remarkable event has happened today. Under the conditions of the global crisis, when firms and their offices are being closed everywhere, a Russian company has opened its office in Beijing," Russian Ambassador to China Sergei Razov said at the opening ceremony.

"It is another indication that Russian-Chinese relations in all areas, including economic, are in the process of constant development and search for new forms and ways of trade and economic cooperation," the diplomat said.

"On the other hand, it also indicates the attractiveness and capacity of the Chinese market," he said.

Russian trade envoy in China Sergei Tsyplakov, who was present at the ceremony, saidn "If we look at the number of rich people, the Chinese media have recently reported that there are over 300,000 people in the country who have free capital of $10 million or more. For this reason, I believe that APL Diamond already has a stable sales market in China," he said.

EPL Diamond Pyotr Fyodorov told Interfax that the company, which is the third largest diamond exporter in Russia, has been a participant in the Israeli diamond exchange since 1998.

"We have set ourselves a goal to reach out to as many regional markets as possible. This process continues and now we have wholesale offices in the U.S. and Shanghai, and we are registered at the Shanghai diamond exchange," he said.

"With the opening of the office in Beijing, the company has started on a new stage, the development of retail trade abroad," said Fyodorov.

"We have long realized that the Chinese market, taking into account that rapid economic development of the country and the increasing living standards, will become one of the world's largest markets in the near future. For this reason, it is very important to supply ready products, not raw materials, to this market. That fully applies to our products, diamonds and jewelry," he said.

When asked what profit the company is expecting to get from its operations in Beijing, Fyodorov said, "When we make our first billion yuan, which I hope will happen in the near future, we will surely invite you."

// Apr. 3, 2009

Resource: Interfax