Alrosa said it continues to cater to the demand for rough diamonds, as the market deficit remains amid global supply decrease and sustained consumer interest in diamond jewellery. Acting for the benefit of its long-term clients, who struggle to fulfil current orders due to shortages of rough diamonds, Alrosa purchased more than 80% of the diamonds offered by the Russian Ministry of Finance at an auction held on 7th September.
Evgeny Agureev, Deputy CEO of Alrosa, said, “The Gokhran auction on September 7 demonstrates the Russian State’s continued support of the diamond market’s supply and demand balance. Current demand for medium and small-size goods that were tendered is strong. Experts from the Russian State Fund for Precious Metals and Stones (Gokhran) have done an excellent job to quickly prepare and organize this auction just in time. The number of participants was the highest on record, guaranteeing the fairest possible price level and ensuring that it was on par with the market. Just like in July, Alrosa purchased rough diamonds on behalf of its trusted clients – Alrosa Alliance members. By participating in the Gokhran auction, we were able to partially compensate the diamonds shortage amid strong demand from clients.”
At an additional Gokhran auction for rough diamonds on 23rd July, Alrosa on behalf of Alrosa Alliance members purchased around 70% of the rough diamonds offered. Alrosa Alliance brings together the company’s current and potential long-term customers adhering to responsible business principles, that have a proven track record as responsible buyers of rough diamonds. Gokhran operates under the Ministry of Finance as a custodian of the fund that includes precious metals and stones, as well as jewellery and silverware. As part of its activities, Gokhran buys and sells valuables, including rough diamonds mined in Russia.