Lithuanian companies are not related to the deal with JSC “Kaliningrad Amber Combine”

Notice of the Baltic Jewelry News Editorial

The press release of JSC “Kaliningrad Amber Combine” of 6 December 2016 (http://www.ambercombine.ru/press_center/news/1219/) informs that “as a result of negotiation of 30 November 2016 a large-scale cooperation agreement with Chinese company, which is a part of a big vertically integrated jewelry holding, was signed”. Further, on 7 December the news portal rugrad.eu publishes a message entitled “Lithuanians may be behind a “Chinese” partner of Amber Combine” (http://rugrad.eu/news/919068/). The publication assumes that the Lithuanian company “Beata” and its owner Algis Bitautas may be a business partner of “Kaliningrad Amber Combine” in the above-mentioned deal.

Algis Bitautas, the President of LE‘AMBER Consortium (that also includes four largest Chinese manufacturing companies and the Association of Chinese manufacturers), has contacted the editorial of the Baltic Jewelry News that is located in the Republic of Lithuania. With regard to the high status of this publication, which is the only English journal, covering all countries of the Baltic region, Mister Bitautas requested support and asked to inform about his position.

Algis Bitautas, the President of LE‘ AMBER Consortium does not have any relation with the deal announced in the press release by “Amber Combine“. Mister Bitautas has confirmed that negotiations with “Amber Combine” took place, but the contract was not signed.

Giedrius Guntorius, a representative of the Lithuanian cluster Amber Trip has also informed that he is not related to the deal publicized by “Amber Combine”.

By this notice the editorial of the Baltic Jewelry News expresses its concern with the current situation and would like to clarify that “the Lithuanian footprint” mentioned in the message by rugrad.eu does not lead to two largest Lithuanian holdings in the amber branch. The fact that there was no mention about partner of the deal in the press release by “Amber Combine” is also a source of concern: participation of outsider companies in such large deals can lead to saturation of speculative market and, consequently, to the growth of amber prices.

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