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.
World’s largest diamond miner Alrosa said Tuesday it increased diamond production by 6% in the first quarter of the year, in comparison to the same period of 2012 due to development of new mines.
Diamond production for the first few months of 2014 reached 7.9 million carats driven by improved ore grade at the Jubilee pipe, a rise in diamond production at the Aikhal underground mine and the International underground mine, and an increase in volumes of ore processed at the Arkhangelskaya pipe.
In terms of sales, preliminary data shows revenues reached $1.5 billion in Q1, which is a 24% more than the same period last year. Alrosa sold 12.7 million carats during this period, while in 2013 the company’s net profit fell by 5% to $900 million year-on year.
The firm noted “positive dynamics” in the diamond market in the first quarter and an increase in rough diamond prices of around 4% since the beginning of the year.
