Russia’s Gokhran is preparing to go deep into its war chest—up to $985 million deep—to scoop up rough diamonds from state-run Alrosa over the next three years, according to reports.
🇷🇺 Deputy Finance Minister Alexei Moiseyev revealed that the 2025–2027 federal budget includes a whopping RUB 154.5 billion ($1.97 billion) allocation for precious metal and gem acquisitions by Gokhran, the government’s elite reserve agency.
But don’t expect a spending spree just yet. Moiseyev emphasized that there’s no urgency, as the market hasn’t crashed as badly as the Kremlin feared—despite the continuing slump in diamond demand.
📉 Alrosa's revenue plummeted 42% year over year, bringing in RUB 58.13 billion ($709.4 million) in Q1. Profits? Down 29% to RUB 14.48 billion ($176.7 million).
This move isn’t unprecedented: Gokhran has been quietly supporting Alrosa since sanctions cut off access to the US and EU markets. In November, it made a purchase. By early 2024, it was rumored to have snapped up $100M–$200M in stones.
With sanctions still squeezing the industry, Gokhran may once again become Alrosa’s lifeline. 💎