Tuesday, 12th April 2005 (4027 views)

Alrosa has announced it is moving into finished jewellery at this year's BaselWorld event.

The company controls 95 per cent of Russia's diamond mines and is looking to create the new fine jewellery brand in Russia.

Items will be sold through a retail chain and target the country's emerging middle class.

Sergey A Vybornov, chief executive officer of the Alrosa Investment Group, a subsidiary of Alrosa, told National Jeweler: "We have a growing economy in Russia and a huge middle class appearing, but no one [in the jewellery industry] is targeting those people."

It is hoped the first store for the brand will be open in Moscow by the end of the year.

In addition, Alrosa is aiming for as many as 50 stores throughout Russia and $150 million in annual sales.

"We will have our own style and identity," said Corentin Quideau, a Paris-based consultant who will work with the Alrosa Investment Group on the project. "It's about growing a full brand identity."

 

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