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Russian exports of diamonds are rising again after sanctions chaos

The sudden shortage of stones sent diamond prices surging, especially for the smaller and cheaper gems that Alrosa specialises in

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Most of the Russian stones are heading to manufacturers in India — the biggest among a handful of industry hubs, where hundreds of mostly family-owned businesses cut and polish rough stones into the finished products, ready to be used in earrings and

Bloomberg
The panic that gripped the diamond world this year is starting to unwind as sanctioned Russian mining giant Alrosa PJSC has quietly revived exports to near pre-war levels.

Alrosa accounts for about a third of global rough-diamond supply, and the $80-billion industry was thrown into turmoil as cutters, polishers and traders hunted for ways to keep buying from Russia while their banks couldn’t or wouldn’t finance payments. The sudden shortage of stones sent diamond prices surging, especially for the smaller and cheaper gems that Alrosa specialises in.

Now, after months of paralysis when it was hit with US sanctions, Alrosa

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First Published: Aug 23 2022 | 9:51 PM IST

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