The Russian Ministry of Finance is considering new diamond purchases for its Gokhran state fund in 2025, while pausing buying for the rest of the current year.
"This year, there are no plans [to purchase diamonds], but next year we are considering this possibility," Interfax reports Deputy Finance Minister Alexey Moiseyev as saying on the sidelines of the Moscow Financial Forum.
"We are currently considering [this possibility] for next year, in fact, because the market looks alarming. In order to give ALROSA the opportunity to feel calm and not feel obligated to sell something to the market in order to maintain its active [sales] position," he added.
For its diamond buying, the government may use budgetary funds allocated to the purchase of precious metals and gemstones in the amount of 51.5 billion rubles next year, Moiseyev said.
In March, an informed source told Rough&Polished that Gokhran has been purchasing diamonds from ALROSA since the beginning of 2024 after reaching an agreement in December 2023. The support measure is related to the decision by the EU and the G7 to impose sanctions on Russian diamonds.
In May, Moiseev confirmed this information, noting that Gokhran may continue to buy rough diamonds from ALROSA, if necessary.
Theodor Lisovoy, Managing Editor, Rough&Polished
