Russia to continue buying diamonds through state fund in 2025
The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems.
Russia’s Alrosa (MCX:ALRS), the world’s top diamond producer by output, said Tuesday it found a 65.75-carat precious rock at the Jubilee kimberlite pipe of its Aikhalsky Mining unit in Yakutia, northeast Russia.
The transparent crystal, the miner said, has an octahedron-shape, light-yellowish tint and its measures 23 x 16 x 17 mm.
Alrosa’s Jubilee pipe is famous for its large finds. A few diamonds from 50 to 138 carats were recovered from the deposit in the past two years, including a 76.07-carat diamond, which was named in honour of 70 Years of the Soviet Union’s Victory in the Great Patriotic War of 1941-1945 against Nazi Germany.
The company’s business unit Aikhal Mining accounted for over 30% of Alrosa’s total raw diamonds in 2016. It generated 12.2 million carats, worth $1.2 billion, according to the firm.
2 Comments
Altaf
Its amazing how the value goes up the logistics ladder. At the mine its 100 dollars per carat (see above 12.2 million carats worth 1.2 billion dollars). When you go to buy a ring, the price goes up to 5,000 dollars per carat for a reasonably clean stone.
The diamond physically undergoes only sorting cutting, polishing and certification before landing in a jewelry store. However because of so many hands it has to change from mine to finger, the price goes up 50-100 times.
Technology improved a lot but it can not prevent the loot of “changing hands” mafia which is going on for centuries.
Hukam Chand Dahiya
This world is full of exploitation. All leaving organisms exploit the weaker in the chain. Civilization has changed the rules of the game. It’s group exploitation of lesser knowledgeable by knowledgeable, of undeveloped/ developing world by so-called developed world.