The Russian Ministry of Finance has announced potential plans to resume diamond purchases for its Gokhran state reserve in 2025, halting acquisitions for the remainder of this year. Deputy Finance Minister Alexey Moiseyev mentioned at the Moscow Financial Forum that while there are no immediate plans for diamond buying, this option is under consideration for the coming year, reported by Rough&Polished.
Moiseyev explained that the ministry’s move aims to stabilize Alrosa, Russia’s leading diamond producer, allowing it flexibility without needing to sell diamonds on the open market to maintain its sales position, according to the report.
To facilitate this, the ministry may draw on budgetary funds of 51.5 billion rubles, earmarked for acquiring precious stones and metals in 2025.
Earlier in March, sources disclosed that Gokhran began purchasing diamonds from Alrosa in early 2024 following a December 2023 agreement, a support measure in response to sanctions from the EU and G7 on Russian diamonds. Moiseyev reaffirmed in May that Gokhran could continue buying rough diamonds from Alrosa as needed.