"Alrosa Selling $250m Rough a Month, Despite Sanctions"
August 24, 22
(IDEX Online) - Alrosa is reportedly selling over $250m of diamonds a month, despite sanctions imposed after Russia invaded Ukraine.
Sales have resumed, says Bloomberg News, primarily to India, where banks have become more comfortable with transactions in rupees and in currencies other than US dollars, which have been outlawed.
Alrosa, the state-controlled miner, is now said to be selling at levels only 30 per cent or so below its 2021 monthly average of $347m.
In January 2022, the last month of reported sales before the war, Alrosa sold $325m of rough and polished, amid ongoing supply shortages.
Alrosa subsequently said it would not lower its forecast production of up to 35m carats this year
Manufacturers in Surat have been struggling to source goods, especially the smaller sizes where Alrosa dominated.
There is no suggestion that sanctions or laws have been broken, but there is unease about the implications of trading with Russia.
Alrosa declined to comment.
Pic of diamond grading, courtesy Alrosa