Since early March, ALROSA has noted a multiple increase in interest among domestic customers to investing in polished diamonds amid hard currency restrictions. TASS was told this by the diamond miner’s media communications service.
ALROSA Diamond Exclusive is a program under which ALROSA sells diamonds to private investors. The program provides for the possibility of reselling a purchased diamond at one of the company's regular auctions.
“Starting from March, interest towards this program has grown several times, as people looking for investment vehicles amid hard currency restrictions consider investing in diamonds similar to investing in gold,” ALROSA said in response to a request from TASS.
The company noted that it welcomes any measures aimed at encouraging domestic demand for polished diamonds of Russian origin. “Liberalization of legislation will open up new opportunities for Russian investors and support the real sector of the economy,” the company’s media communications said.
Earlier, Russian Deputy Finance Minister Alexey Moiseev said that the Ministry of Finance was preparing an initiative to liberalize the circulation of rough and polished diamonds in the domestic market of the Russian Federation, and such a proposal had already been submitted to the government. The initiative is to support ALROSA sanctioned by the West, the Deputy Minister specified.
ALROSA provides up to 90% of diamond production in Russia employing more than 20 000 people.
At the end of 2021, the company netted 332 billion rubles of revenue, which is a 50-percent increase compared with 2020.
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