Alrosa, Russia’s leading diamond producer, has sold a significant parcel of rough diamonds to Gokhran, the state-owned gem and precious metal repository, amid ongoing market challenges exacerbated by sanctions on Russian diamonds.
A Treasure Trove of Rare Diamonds
The parcel, whose total carat weight and value remain undisclosed, includes gem-quality diamonds of various colors and sizes. Among the highlights is a spectacular 390.7-carat rough diamond discovered last year at the Ebelyahk deposit in Yakutia. Alrosa has confirmed that delivery of the stones to Gokhran will be completed by the end of this year.
A History of State Support
This isn’t the first time Gokhran has stepped in to stabilize Alrosa during turbulent times:
- In March 2024, Gokhran reportedly purchased $100 million to $200 million worth of rough diamonds.
- During the height of the COVID-19 pandemic in 2020, Alrosa sold approximately $1.7 million in diamonds to the state repository.
- There were also unconfirmed reports of a transaction in 2022, when sanctions heavily impacted Alrosa’s operations.
Strategic Moves Amid Market Shifts
The sale to Gokhran comes on the heels of Alrosa’s announcement to reduce 2025 diamond output and cut 10% of its staff costs. Despite these challenges, the company has observed a moderate rise in diamond prices recently.
“Russian diamonds, which are valued all over the world, will replenish the main treasury of our country,” said Alrosa CEO Pavel Marinychev. “The state’s decision to purchase these precious stones underscores its confidence in their enduring value and potential for growth.”
A Symbol of Stability
This move by Gokhran reflects the Russian government’s continued commitment to supporting its diamond industry during periods of economic and geopolitical uncertainty. As Alrosa navigates these challenges, the support from Gokhran serves as a crucial lifeline, ensuring the company can maintain its operations and global reputation.