ALROSA introduces new version of ALROSA ALLIANCE Guidelines

ALROSA Increases Insurance Cover for the Group; Includes New Heads in the Policy

ALROSA has approved the updated version of ALROSA ALLIANCE Guidelines on Responsible Business Practices developed to enhance confidence between the Company and its clients – ALROSA ALLIANCE members as part of the development of corporate work standards and compliance with the best practices in the diamond industry.

The approved amendments and updates in the text of the document make clear some provisions without changing the voluntary nature of implementation of the Principles.

In particular, the new version of the Guidelines takes account of the Responsible Jewellery Council (RJC) Code of Practices. The guidelines for the prevention and minimizing of adverse environmental impact and environmental risk management have been expanded following the recommendations of the RJC.

The new provisions of the document urge ALROSA ALLIANCE members to state the origin of rough diamonds acquired from ALROSA, possibly accentuating their Russian, natural and non-conflict origin, and also that they are produced in full compliance with responsible business practices.

The updated version also contains references to the current Russian and international industry terminology and recommendations to participants on its use, definitions, and classification of rough/polished diamonds as enshrined in the International Standard ISO 18323: 2015 Jewellery. Consumer confidence in the diamond industry, the CIBJO Diamond Book, and the Diamond Terminology Guideline developed with the support from nine leading international industry organizations, including the Diamond Producers Association.

“As a company selling the bulk of rough diamonds under long-term agreements, ALROSA is interested in building the trust with its clients. The Guidelines are aimed at enhancing confidence and are based on the experience of implementing the best world business practices. Today we have long-term agreements with 65 companies within the new three-year period – they are all members of ALROSA ALLIANCE, and therefore are reliable and trusted participants in the global diamond market,” says ALROSA CEO Sergey Ivanov.

ALROSA ALLIANCE Guidelines on Responsible Business Practices form an integral part of the Agreement on the Use of ALROSA ALLIANCE TRADEMARKS, the right to conclude such an agreement is granted to long-term buyers of rough diamonds to identify them as reliable customers.

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.