Russia’s Diamond Vault: The Story of Gokhran
Created by a government resolution in 1996, Gokhran is Russia’s state-owned repository of precious stones, diamonds and metals, operating under the Ministry of Finance. Gokhran is responsible for the purchase, storage, transportation, pricing and sale of precious metals, diamonds, precious stones and minerals.
Among its responsibilities is the purchase of diamonds from Russian diamond miner Alrosa. For instance, according to Forbes, in 2010, the Russian government bought $1 billion in uncut diamonds from Alrosa.
Gokhran’s goal is to guard the country’s resources. Some diamond purchases are done to support the Russian diamond industry and to prevent a decrease in diamonds prices.