Alrosa says Diamond Prices are Increasing

(IDEX Online) - Alrosa says prices for its higher-value diamonds are rising, as supply shortages begin to reverse a long-term decline in both rough and polished goods.

Russia's state-controlled miner says prices for investment grade goods (2cts to 10cts) increased by between 6% and 9% during its first three trading sessions of 2026. They represent 80% of its production in terms of value.

Alrosa says prices for these larger stones first increased in January, then accelerated in February and March.

Prices for almost half its regular assortment diamonds have also been increasing, it said in an update published on 23 March.

Pavel Marinychev, Alrosa's CEO (pictured), said: "In recent months, amid declining global production, the shortage of rare and large stones used in the production of high-investment diamonds - weights of 2 carats and above - has become increasingly noticeable."

Diamond production globally is falling, and is likely to dip below 100m carats this year, the lowest figure for two decades.

Alrosa announced plans to cut its own diamond output by 14% to 25m to 26m carats this year.

The resulting scarcity, combined with steady demand for high-end goods, is rebalancing the market after excess stockpiling.

Alrosa has been selling rough to India, China, Dubai and elsewhere since the G7 nations imposed full sanctions on Russia in July 2024.

In its update, the company said India's diamond exports increased by 54% in February compared to January.