Alrosa, the world’s top diamond producer by output, has been hit by fresh sanctions imposed by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC). The OFAC announced late on Thursday it had placed Alrosa on the Specially Designated Nationals (SDN) list, which effectively kicks a sanctioned company out of the US … Read more
Russian miner Alrosa has suspended its membership in the Responsible Jewellery Council (RJC), both organizations announced last week. The development came just over a month after Russia’s invasion of Ukraine. The RJC board of directors voted to accept Alrosa’s decision, the standards groups said Friday. Alrosa exited the RJC board in early March, but remained … Read more
US President Joe Biden has issued an executive order prohibiting the import of “nonindustrial” diamonds originating in Russia. The measures, which the White House announced on Friday, follow Russia’s continued war in Ukraine and build on earlier US sanctions outlawing debt and equity transactions with Alrosa and its CEO, Sergey Ivanov. Those previous rulings did … Read more
Alrosa has highlighted concerns about the impact of the US’s punitive measures after reporting its strongest annual earnings in five years. Revenue jumped 51% to RUB 326.97 billion ($2.99 billion) in 2021 as the diamond market recovered from the previous year’s downturn, the Russian miner reported Wednesday. This drove net profit to RUB 91.32 billion … Read more
The US has imposed sanctions on Alrosa and its CEO, Sergey S. Ivanov, in response to Russia’s invasion of Ukraine. The diamond miner is one of 11 entities the Department of the Treasury has identified as being owned by or connected to the Russian government, according to a Thursday statement. The measures restrict American companies’ … Read more
In line with its approach of fostering long-term sustainable development of the diamond market, ALROSA gives its customers an opportunity to adjust their diamond purchase schedules under trading sessions. The demand for rough diamonds in early 2022 as well as in the second half of 2021 was outstripping supply, as cutters were actively buying rough to restock … Read more
Alrosa’s rough-diamond prices have reached their highest level since late 2018, as scarcities have prevented the Russian miner from meeting strong demand. The company’s rough-price index, which tracks like-for-like valuations, jumped 22% year on year in the third quarter and rose 10% versus the previous three months, it reported Friday. While the diamond market’s recovery … Read more
Alrosa has increased prices for the third consecutive contract sale, fueling concerns about unsustainable growth and tight manufacturing profits. The adjustments were 4% to 5% on average, with a focus on 1-carat rough and larger, insiders told Rapaport News this week. Prices of that category are now higher than pre-pandemic levels, a customer noted. Alrosa declined to … Read more
Alrosa will auction a 242.31-carat diamond in Dubai later this month, one of the largest gem-quality rough stones the Russian miner has unearthed in the past decade, it said Friday. The opening price will be in excess of $2 million. The March 22 sale will mark Alrosa’s 100th large-diamond auction. The company rarely trades Russian-mined … Read more
The two largest diamond miners increased prices at this week’s rough sales as demand improved due to post-holiday restocking and strong trading ahead of the Chinese New Year. De Beers raised prices by an average of 4% to 5% at its first sight of 2021, while Alrosa’s increases were around 6% to 7%, industry insiders … Read more