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To: goldsnow who wrote (16404)	8/23/1998 5:59:00 AM
From: Alex	Respond to of 116764

Russian gem deal on way DIAMOND DEAL By NEIL BEHRMANN DE BEERS' trade agreement with Russia is likely to be extended for a further three years when the present accord expires at the end of December. At a conference in London, directors of Alrosa, Russia's main diamond producer, said they were confident that Russian and other authorities would sanction the extension. The present agreement allows Russia to sell diamonds amounting to up to 26% of De Beers' annual sales. Alrosa president Vyacheslav Shitirov estimates sales to De Beers this year will be $900-million (R5.6-billion). De Beers said an "observation council" that includes the Russian government and the Republic of Sakha had agreed the agreement should continue. Despite delays, Shitirov believes the new agreement will be passed quickly. Diamond dealers said the timing of the deal was intriguing, considering Russia's economic turmoil and desperate need for foreign exchange. They speculate that Russia will also want to borrow money from De Beers, with diamonds as collateral. In the early 1990s they borrowed $1-billion. Top of page btimes.co.za