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Alrosa to sell rough diamonds to Gokhran

Alrosa is to sell a batch of rough diamonds, among them a 390.7-carat stone, to the Gokhran as it battles ongoing sanctions and weak demand. It's a U-turn for Russian miner that insisted earlier this year that it would not be using the state-run minerals depository as a safety valve.

 

Alrosa is already planning to scale back production and cut staff as a result of a "deep crisis" in the global diamond industry. In January, Alrosa dismissed talk of offloading unsellable inventory to the government, boasting that it was insulated from sanctions and market forces by a "colossal safety margin".

 

Interfax, the Moscow-based news agency, reported at the time that the finance ministry was "not currently considering the option of supporting Alrosa by increasing funding for Russian State Precious Metals and Gemstones Repository (Gokhran) purchases".



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