The Russian government is taking steps to bolster Alrosa’s financial stability as the global diamond market faces challenges. Deputy Finance Minister Alexei Moiseyev confirmed that talks are ongoing to help Alrosa maintain liquidity and avoid selling diamonds at low prices. “The diamond market is currently under pressure, and we are exploring ways to prevent Alrosa from having to make sales under unfavorable conditions,” he stated.
The proposed purchases would occur through the State Precious Metals and Gemstones Repository, known as Gokhran. The government plans to allocate part of its 2025 budget for these acquisitions, with a proposed limit of 51.5 billion rubles ($540 million USD).
Earlier this year, the Finance Ministry and Alrosa agreed that the government would buy some diamonds produced in 2024, with the first batch already acquired. However, no additional purchases from 2024 production have been announced.
While Moiseyev noted that there are currently no specific plans for more purchases in 2024, he did not rule out future transactions in 2025. He also mentioned that discussions are sensitive, indicating that any final decisions may remain private.
As Russia faces fluctuating demand and market uncertainties, the government’s involvement in diamond acquisitions could provide essential support to Alrosa and help stabilize the domestic diamond industry.
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