Gokhran could purchase up to $985 million of Alrosa’s rough diamonds over the next three years, according to reports.
Alexei Moiseyev, Russia’s deputy finance minister, told reporters that the federal budget for 2025 to 2027 had allocated up to RUB 154.5 billion ($1.97 billion) in total for the state-owned repository’s purchase of precious metals and gems, Interfax reported last week.
While Gokhran is required to buy rough diamonds from Alrosa due to a government order, Moiseyev pointed out that there was no rush because the situation was not as bad as the government had feared it would be based on the persistent market downturn, according to Interfax.
Alrosa’s revenue fell 42% year on year to RUB 58.13 billion ($709.4 million) for the first quarter that ended March 31, and profit slid 29% to RUB 14.48 billion ($176.7 million).
Gokhran has been known to purchase rough from Alrosa in the past, especially following the implementation of sanctions that prevented sales to the US and EU markets. In November, the repository bought a parcel of rough, while in early 2024 it is believed to have snapped up between $100 million to $200 million in rough.
Image: Rough diamonds. (Shutterstock)
