RAPAPORT… Russia’s state gem depository could buy diamonds from Alrosa this year, the country’s finance minister reportedly said.
The potential move comes amid Western sanctions against Russia and Alrosa that have threatened the company’s ability to sell rough.
“We do not rule out the possibility of Gokhran purchasing diamonds produced by Alrosa,” Reuters cited Anton Siluanov as stating last week. “The amount will be determined later.”
Russian news agencies Interfax and Prime quoted Siluanov as saying the purchase could happen this year. Alrosa declined to comment, while Gokhran did not respond to an email from Rapaport News.
Gokhran, a unit of Russia’s Ministry of Finance, bought rough from Alrosa in 2009 during the economic crisis, and considered doing so again during the Covid-19 downturn in 2020. However, with the market recovering, the transaction ended up being the other way around: Alrosa purchased inventory from Gokhran last year to fill gaps in its supply.
Image: A 2.26-carat rough diamond. (Alrosa)
Alrosa Poised to Sell Diamonds to Gokhran
The Bottom Line
- Russia's finance minister indicated Gokhran could buy diamonds produced by Alrosa in 2024, with the purchase amount yet to be decided.
- The potential transaction follows previous dealings where Gokhran bought rough diamonds from Alrosa during economic crises in 2009 and considered it again in 2020.
- Last year, Alrosa reversed roles by purchasing inventory from Gokhran to address supply shortages amid market recovery.
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