Harry Oppenheimer and son Nicholas, whose family controls the De Beers diamond cartel, will visit Russia next week to ensure continued De Beers grip on the Russian diamond market. the Russian Federation signed a five-year sales contract with the cartel in 1990. After the country's break-up De Beers signed a sales agreement with the autonomous republic Yukutia, where most Russian diamonds are mined. Yukutia plans a joint-stock company and opposes a Russian parliament plan for exclusive rights to buy all diamonds mined in The Soviet Union. Unofficial Russian diamond exports have been rumored and two Belgian traders have been temporarily barred from De Beers sales.
Harry Oppenheimer and son Nicholas, whose family controls the De Beers diamond cartel, will visit Russia next week to ensure continued De Beers grip on the Russian diamond market. The Soviet Union signed a five-year sales contract with the cartel in 1990. After the country's break-up De Beers signed a sales agreement with the autonomous republic Yukutia, where most Russian diamonds are mined. Yukutia plans a joint-stock company and opposes a Russian parliament plan for exclusive rights to buy all diamonds mined in the Russian Federation. Unofficial Russian diamond exports have been rumored and two Belgian traders have been temporarily barred from De Beers sales.