Despite facing ongoing sanctions, Alrosa, the Russian diamond giant, saw its revenue soar in 2023 as it continued its sales operations. The company reported a robust 9% increase in sales, reaching RUB 322.57 billion ($3.55 billion) for the year, although its net profit dipped by 15% to RUB 85.18 billion ($939.3 million).
Since the eruption of Russia’s conflict in Ukraine in February 2022, Alrosa has been subjected to sanctions from the US and other Western countries. However, key markets like India and China still permit the import of Russian diamonds. Starting March 1, the US will tighten its measures, banning the import of Russian-origin stones of 1 carat or larger, even if they’ve been processed in a third country.
Alrosa’s recent announcement marked its second full results statement since March 2022. Interestingly, the company has chosen not to disclose where its sales are headed, although traditionally, Belgium, the United Arab Emirates (UAE), and India are among its major buyers.
In contrast, De Beers reported a notable decline in revenue for 2023, totaling $4.27 billion, with its diamond unit registering a net impairment of $1.56 billion, signaling a subdued demand outlook.
