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Alrosa sets up African asset manager

Russian diamond monopoly Alrosa has decided to set up a 100% subsidiary in the form of a holding to run its assets in Africa, the company announced.

The new St. Petersburg-based holding will manage Alrosa's assets in Angola, develop cooperation with diamond companies in other African countries, work on new investment projects, and cooperate with diamond trading companies. Alrosa's board also decided to close branches in Belgium and Israel, where the company has retail subsidiaries that can carry out the branches' functions.

Alrosa, which accounts for 25% of global diamond output, reported earnings of $2.86 billion last year. Its shareholders are the Federal Property Fund (37%), legal entities (23%), and authorities in diamond-rich Yakutia region (8%). (