Russia’s Gokhran To Buy $384M Diamonds From Alrosa

Russia’s Gokhran, the state owned Precious Metals and Gemstone Repository bought US$384 million (12 billion Ruble) worth of rough diamond from Alrosa according to interfax. The amount is also said to include $118 million of diamonds that Gokhran agreed to buy annually from Alrosa since from 2008 up to 2010.

Due to the global economic crisis Alrosa, is selling to the government agency so that they can keep up with mining production. Many other diamond companies are also hoping to sell to Gokhran. So far Gokhran has not bought diamonds from companies other than Alrosa. Kristall, Russia’s largest diamond polishing firm is also expected to sell to Gokhram US$62.7 million worth of cut diamonds. Other companies that have requested Gokhram to purchase their diamonds include Severalmaz and Uralalmaz, a member of Lev Leviev’s Ruis Diamond group.

US$ 467.23 million was set aside by Gokhran for purchase of rough and cut diamonds from producers in 2009.

Alrosa also announced seperately that Vladlen Dmitrievich Nogovitsyn was appointed as its vice president of marketing. He was previously managing director of Alrosa Hong Kong.

Alrosa is also supplying 15 Antwerp-based diamond cutters US$500 million worth of rough diamonds during the second half of 2009. Similar agreement is being negotiated between Indian and Israeli based diamond companies.

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