Moscow has maintained its supplies through mediators in the Indian jewelry conglomerate KGK group.
Diamonds from Russia continue to enter the EU and the USA markets, despite the penalties of G7 countries and the European Union against Alrosa, the largest manufacturer in Russia and one of the leaders of the industry world. This was reported by OCCRP journalists (a project for investigating corruption and organized crime), as well as some European media.
The main transit hub for restraint is Armenia, where precious stones cost one hundred million dollars are delivered.
The main tool for the scheme is the first Diamond company created in May 2022 in Russia (First Diamond Company, FDC). Formally, it is independent of alrosa, but the owners and leading managers are connected to the State company: the former is the former sales officer of Alruy Regina Sobol, and the first general director is Evgeny Tsibukov, who previously worked in the Moscow Division of Alrosa Diamonds.
Since the end of 2022, the FDC began actively exporting the diamonds to Armenia. According to the OCCRP, nearly half of all the rocks imported in this country came from Russian. From January 2023 to March 2024, the FDC took the diamonds more than $ 290 million.
Russia has maintained supplies through mediators with one of the largest players in the world industry – the KGK Group of India.
Until 2022, KGK openly worked with Alrosa, but after the start of the war, he removed the mention of projects in Russia. The Imperial Diamond has become a major counterpart of the FDC.
The significant volume of Russian products passes through India Gloria Gems trade companies and mohit diamonds. The first is connected to the KGK group and jewelry houses in Belgium and the UAE, the second – the former direct partner of Alrosa – provides 20% of the products in the USA and 8% in Belgium. Total FDC shifts with three largest mediators – Imperial Diamond, Gloria Gems Trading and Mohit Diamonds – exceeds 270 billion rubles.
Alrosa has created many companies to avoid penalties. Among them, trading horizons (registered on February 2024, its directors were former employees of Alrosa) and Diamond Trading House (DTH), founded in November 2022 by a sale company Alrosa Oleni Smirnova employee. Formally independent, they list alrosa income under an agent agreement. Through these structures, diamonds also fall into Europe and USA.
As we wrote earlier, Alrosa against behind an industry crisis has suspended the development of the least profitable properties and reduced staff.
Export of Russian diamonds has fallen to a minimum for more than 10 years
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.