The European Union has added several Russian gold mining companies, including Nordgold Management and Yuzhuralzoloto, along with diamond exporter First Diamond Company, to its sanctions blacklist as part of a new package.
Russian diamond mining giant Alrosa reports early signs of a diamond market turnaround, citing rising prices for investment-grade stones, steady demand growth in key markets like the US, India, and China, and depleting inventories among Indian cutters.
De Beers' decision to cut diamond prices is viewed as a market capitulation, potentially setting a benchmark for further industry-wide price declines and pressuring Alrosa, despite sanctions limiting Alrosa's direct sales to Western markets. Experts cite falling demand for traditional diamonds, rising synthetic stone production, and a crisis in India's diamond-cutting industry as key factors.
The company plans to record 3.5 tons of gold in 2026
Bogdan Drachuk, head of the Alrosa Diamonds branch, said this trend is driven by consumer desire for individuality
Alrosa unveiled a rare 1.07-carat vivid pink fancy color diamond valued at 56 million rubles ($743,300) at its Alrosa Diamond Exclusive showcase in St. Petersburg from April 21-23. The collection features 190 precious stones worth 2.5 billion rubles ($33.2 million), including a 5-carat vivid yellow diamond valued at over $265,500. Russian private and premium banking clients increased purchases of investment-grade diamonds under the program by 40% last year.
