Following the Sanctions: Alrosa set to Sell Rough Gems to Gokhran
Alrosa may sell its rough diamonds to Russia’s state-run Gokhran. In an interview with Reuters quoted by IDEX Online, Russia’s finance minister Anton Siluanov said: “We do not rule out the possibility of Gokhran purchasing diamonds produced by Alrosa. The amount will be determined later.”
Following widespread sanctions by the US and the EU, banking restrictions, and several large jewelry retailers that are boycotting Russian diamonds, Alrosa is hoping that Gokhran will purchase its diamonds.
During the 2009 financial crisis, Gokhran intervened and bought $1 billion worth of Alrosa diamonds. Last July, low stocks had forced Alrosa to buy 1.4 million carats of Gokhran rough.