The Gokhran of Russia has been purchasing diamonds from ALROSA since the beginning of 2024, an informed source familiar with the matter told Rough&Polished.
According to him, the corresponding agreement between the diamond miner and the Russian Ministry of Finance was reached in December last year due to sanctions imposed by the EU and the Group of Seven (G7) countries against Russian diamonds. One purchase was made in March, and more may be made before the end of this year. The source didn't specify amounts and volumes of these purchases. At the same time, according to the source, the state fund purchased diamonds of different sizes and weight ranges.
Earlier, Deputy Minister of Finance of the Russian Federation Aleksey Moiseev stated that the imposed sanctions may lead to disruptions for the global diamond market and assured that the Russian Federation will make every effort to mitigate the destructive impact of restrictions in the interests of the entire market: miners, manufacturers, traders and consumers.
Meanwhile, a number of foreign publications, such as The Times and Bloomberg, have reported that the ban on the purchase of polished diamonds of Russian origin is creating chaos in the international diamond market. De Beers CEO Al Cook urged Belgian Prime Minister Alexander De Croo to take appropriate action: since March 1, there have been significant delays, blockages and elevated costs for importing diamonds into this European country. Belgian Antwerp, which is one of the world's largest diamond trading centres, has become the single entry point for diamond products into the European market. On March 13, nearly 150 companies representing the entire Antwerp diamond trade signed a petition citing serious disruption to their businesses and demanding a “comprehensive review of procedures in collaboration with industry stakeholders.”
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
