Sanctioned Alrosa set to Sell Rough to Gokhran
May 01, 22
(IDEX Online) - Alrosa may be about to sell its rough diamonds to the state-run Gokhran, in a swift reversal of fortunes.
The Russian miner had been buying back gems of late, as a surge in post-lockdown demand outstripped its production capacities.
Now, with widespread sanctions and banking restrictions in place over Russia's invasion of Ukraine, it is hoping the Gokhran - repository of precious stones and metals - will buy its inventory.
"We do not rule out the possibility of Gokhran purchasing diamonds produced by Alrosa. The amount will be determined later," said the country's finance minister Anton Siluanov (pictured), according to a Reuters report.
The Gokhran has intervened before, buying $1bn of Alrosa diamonds during the 2009 financial crisis.
We reported last July that low stocks had forced Alrosa - a third-owned by the Russian government - to buy 1.4m cts of Gokhran rough. That was one of several purchases made amid recent supply shortages.