Diamond mining giant Alrosa is adjusting its sales strategy amidst escalating sanctions from the G7 countries, according to reports from Moscow-based Interfax news agency quoted by IDEX Online.
In a notable U-turn, Alrosa plans to sell its entire 2024 production to the Russian government in response to the new sanctions, marking a significant departure from previous statements. The Gokhran, a repository of precious stones and metals under the Finance Ministry, has reportedly acquired Alrosa’s entire March production and plans to continue purchasing throughout the year.
Alrosa, which reported sales totaling $3.55 billion last year, now faces heightened pressure from G7 sanctions. G7 countries cover 70% of the diamond market. The G7 sanctions currently include all Russian diamonds weighing 1 carats or larger, with plans to expand to stones of 0.50 carats or above starting September 2024.
