Siluanov admitted the possibility of buying ALROSA diamonds by Gokhran

(INTERFAX.RU) - Russian Finance Minister Anton Siluanov did not rule out the purchase of ALROSA's rough diamonds produced this year by Gokhran, Russia’s precious metals and gems repository.
"We do not exclude the possibility of buying diamonds, which ALROSA produced this year, by Gokhran. The amounts will be specified later," the minister told reporters.
The option to buy out ALROSA goods was considered by the Ministry of Finance as an anti-crisis measure during the pandemic, when diamond sales stopped across the world due to travel restrictions. The parties considered a deal worth up to $500 million. However, the demand for jewelry improved in the second half of 2020 and ALROSA withdrew from the bargain with Gokhran. The company said that such a purchase by Gokhran due to domestic legislation could be made at a price well below the market.
During the crisis of 2008-2009, when spot sales of diamonds were not carried out for almost 9 months, Gokhran bought ALROSA diamond goods to the amount of $1 billion. Since then, such large-scale purchases have not been made, and the largest deal was made in 2012 for $250 million.