De Beers opening Moscow office

A Moscow office will be opened by De Beers Centenary, the diamond company said.

In 1990, De Beers signed an agreement with Rossalmazzoloto, the deal including a 5-year sales contract and a US$1-billion trade advance by De Beers for development of the Russian diamond industry.

Collateral for the advance is in the form of rough diamonds sitting under joint seal at the Central Selling Organization (a marketing agency) in London.