Diamond Sorting

Amid Sanctions Pressure, Alrosa Shifts Diamond Sales Strategy

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.


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