At the auction held by Russia’s Gokhran, a state repository of valuables, for the sale of rough diamonds on July 23, ALROSA bought 70% of the offered precious stones. ALROSA announced this in a press release circulated on Monday, July 26, noting that the company acted in the interests of its long-term clients amid an acute shortage of diamonds in the world market.
The decision to hold such an auction was made by the Government of the Russian Federation to better balance the market, the company said in its statement.
“Given a physical lack of diamonds in the market and mindful of all the pandemic-related challenges and restrictions, ALROSA elected to give comfort to members of ALROSA ALLIANCE, its long-term trusted customers, by purchasing the auctioned Gokhran diamonds as they asked. Still, even with this step we will be able to satisfy only some of the demand at the upcoming session. The government takes a very responsible approach to selling diamonds from Gokhran and only offers them against real demand. These diamonds are what the market needs right now, and they will soon move on to the cutting and polishing stage, which we believe will somewhat contribute to balance the market. I would also like to mention Gokhran's role in making this auction possible. Despite the tight schedule, they managed to do everything smoothly and without delay,” said Evgeny Agureev, Deputy CEO of ALROSA.
ALROSA ALLIANCE brings together the company’s long-term customers and those who are likely to become ones as they adhere to responsible business principles and have a proven track record as responsible buyers of rough diamonds. Traditionally, long-term contracts have accounted for about 70% of ALROSA’s diamond sales.
Gokhran operates under the Ministry of Finance as a fund that includes precious metals and stones, as well as items made from them. As part of its activities, Gokhran buys and sells valuables, such as rough diamonds produced in Russia.
Vladimir Malakhov, Rough&Polished
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