Alrosa’s export of diamonds exceeds $250 million per month, while before the Russian invasion of Ukraine, this figure was from $300 million to $350 million per month.
Russia, despite Western sanctions, has managed to largely restore the volume of diamond exports. On Tuesday, August 23, according to Bloomberg.
It is noted that the share of the Russian company Alrosa accounts for about one-third of the world’s supply of rough diamonds. After the imposition of Western sanctions on imports, prices for smaller and cheaper polished diamonds rose sharply.
However, after a while, Alrosa’s diamond exports exceeded $250 million per month. This figure is about 50-100 million dollars less than before the full-scale invasion of Ukraine.
“Sales have been resumed as some Indian banks have become more comfortable with transactions in currencies other than US dollars,” the newspaper wrote, citing sources.
According to the publication, most of the Russian diamonds are sent to India, which is the largest center for processing and cutting precious stones. At the same time, sources note that European customers are also buying these diamonds.
Because of the fear of sanctions, the deals were made in “complete silence”, which is unusual even by the closed standards of the diamond world, which is known for its secrecy. Alrosa itself has stopped publishing any information about its sales.
Recall that in early June it was reported that the Russian Federation reduced the export of diamonds to major markets.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.