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FAS Sets Rules for ALROSA’s Clients
Russia’s Federal Antimonopoly Service (FAS) announced yesterday it has agreed with ALROSA on procedures and terms for rough diamond sales by the latter. The regulations set equal conditions for all market participants, FAS pledged, specifying that, despite the agreement, the service won’t drop the action brought in against ALROSA last week.
The parties succeeded to come to terms on April 6, at the eighth try, FAS senior official Teimuraz Kharitonashvili told Kommersant Tuesday. It has taken around a year to reach agreement on the regulations that would establish equal game rules on Russia’s diamond market. Any references to the actual clients of ALROSA, including De Beers and Yakut diamond-wheel firms were crossed out, following the FAS recommendation, Kharitonashvili pointed out, declining to elaborate.
It was FAS that spearheaded regulations. A year ago, it ordered ALROSA to make out provisions ensuring equal access for market participants to rough diamonds. Until recently, Yakut diamond-wheel firms could have benefited from certain advantaging compared with other market players, including the right of Yakut authorities for 25 percent of all diamonds produced in the republic. Moreover, the latest agreement between Yakutia and ALROSA specified mandatory entrance of 5-10-carat diamonds into the lots sold to Yakut diamond-wheel firms. Exactly this provision made FAS bring in an action against ALROSA and Yakutia’s government under Articles 7, 8 of the Law on Competition and Monopolistic Restrictions on Commodity Markets. Such action won't be dropped, Kharitonashvili said.
www.kommersant.com
All the Article in Russian as of Apr. 13, 2005
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