The Russian Ministry of Finance does not intend to buy rough diamonds from ALROSA, since there is no need for this taking into account the market movement, said RIA Novosti/Prime citing Deputy Finance Minister Alexey Moiseev, who told this to reporters on the sidelines of the State Duma.
Alexey Moiseev explained that the rough diamond market showed very strong growth in the last two quarters and its dynamics are now exceptionally good. According to him, this does not mean that "there will never be purchases," and it is just that there are no prerequisites for this now, but nobody knows how the situation will develop in the future.
The Deputy Minister recalled that the purchasing issue started to be discussed when “diamond sales in the second quarter of last year were reduced to zero.” Noting then that the market was recovering since the end of the third quarter of last year and the next two quarters were good, Alexey Moiseev concluded that currently there is no need to buy diamonds from ALROSA.
Vladimir Malakhov, Rough&Polished
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