Gokhran Wants to Sell $1 Billion Rough Diamond Stockpile

August 29, 10 by IDEX Online Staff Reporter

The Gokhran's large purchases of Alrosa's
rough may prove to be a good investment
for Russia thanks to rising prices

The Russian precious metals and germs repository Gokhran wants to sale its huge stockpile of rough diamonds. The stockpile, accumulated during the recent global recession, is estimated at more than $1 billion.

In a state sponsored effort to support diamond monopoly Alrosa, Gokhran purchased some $925 million worth of rough diamonds that Alrosa mined in late 2008 and during 2009. Alrosa was unable to sell the goods due to economic slowdown.

With a return to regular trading activities, the Russian government wants to recover the outlay buy selling the goods, according to Russian Finance Minister Alexei Kudrin told reporters on Saturday.

“We are asked to start selling diamonds we bought last year,” Itar-Tass quoted Kudrin. “We are now considering these offers,” he added.

Alrosa’s CEO Fyodor Andreyev said the price of rough increased by 15-18 percent since the recession period.

Diamond Index

Gokhran Wants to Sell $1 Billion Rough Diamond Stockpile

Gokhran Earmarks $1B for Rough Purchases from Alrosa

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