Diamond company Alrosa has come to an agreement with Russia's Federal Antimonopoly Service (FAS) over regulations for selling natural diamonds mined in the country after two years of negotiations.



The FAS' goal was to create a framework in which would protect competition in the diamond industry and disallow exclusive relationships between rough diamond buyer and suppliers. The federal body aimed to ensure equal access to the market and remove obstacles that would prevent new players from entering the sector.



Alrosa has dominated the diamond market in Russia until now. For the regulations to come into effect, its executive committee must approve them first. Alrosa stated that once it affirms the draft text.