Vybornov Asks Kudrin to Stop Diamond Sales Until Prices “Stabilize”

Alrosa president Sergei Vybornov wants to halt the sale of rough diamonds and the auction of large goods until prices stabilize. The request was made in a letter Vybornov sent to Finance Minister and Alrosa Chairman Alexei Kudrin, according to Interfax.

Alrosa has been selling its goods to Gokhran, the state depository, since November 2008 when rough diamond traders stopped buying goods from the company.

Prices of rough diamonds have fallen sharply and started to slightly pickup in recent weeks, however traders say that Alrosa did not “fully internalize” the real drop in prices.

In the letter, Alrosa is asking the ministry to “temporarily halt the sales of uncut diamonds from Gokhran and to stop the competitive trade in diamonds bigger than 10.8 carats,” the letter said.

Vybornov also called to keep the current rough diamond price schedule unchanged.