Russian diamond miner Alrosa has sold a parcel of rough diamonds to Gokhran, the state-owned repository for gems and precious metals, as the company faces ongoing challenges in the market due to sanctions on Russian diamonds and sluggish demand.
While Alrosa did not disclose the total carat weight or the value of the sale, it confirmed that the batch includes a range of gem-quality diamonds in various colors and sizes. Notably, the parcel contains a 390.7-carat rough diamond, discovered last year at the Ebelyahk deposit in Yakutia. The company plans to deliver the stones to Gokhran by the end of the year, it said on Tuesday.
Despite these difficulties, Alrosa reported a slight increase in diamond prices recently, signaling a modest rebound in the market.
This is not the first time Alrosa has turned to Gokhran for support. Earlier this year, it is believed the state-owned fund purchased between $100 million and $200 million worth of rough diamonds. In 2020, at the height of the COVID-19 pandemic, the company reportedly sold around $1.7 million in rough diamonds to Gokhran. There were also discussions of a similar transaction in 2022 when sanctions against Russia were hitting the industry hard.
The latest deal comes shortly after Alrosa announced plans to reduce its output in 2025 and cut approximately 10% of its staff costs.
“Russian diamonds, which are valued worldwide, will replenish the country’s main treasury,” said Pavel Marinychev, CEO of Alrosa. “The purchase by the Russian State Depository for Precious Metals demonstrates the state’s confidence in the future value of these precious stones.”
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