Russian state-owned diamond company Alrosa is on the verge of inking a deal with Chinese jewelry mega-brand Chow Tai Fook to supply them with rough diamonds, Rough and Polished reports. According to the details of the contract, Alrosa will provide Chow Tai Fook with $100 million worth of diamonds annually.



Rough and Polished reports that the Chinese firm is angling to secure an even larger sum of Russian diamonds annually and to rival India as their prime export destination. Alrosa, however, prefers at present to start off small.



Another major change to the Russian diamond industry, the enactment of new legislation which will permit online sales of diamonds and other precious metals and gems, was announced Ministry of Finance. Passage of the legal amendments would release diamond traders of the obligation to deliver gemstones under special armed escort, according to Rough and Polished.