Alrosa explained the suspension of diamond sales for two months

“Alrosa» expects stabilization in the market after the announcement of the suspension of diamond sales for two months. Vedomosti was informed about this by the press service of the diamond mining company.

“We expect that this will have a stabilizing effect to maintain balance in the market and strengthen the stability of the supply chain of rough and polished diamonds by the beginning of next year,” the representative office said.

The company added that Alrosa has always adhered to the practice of maintaining stability in the market and leveling its volatility. The company’s strong and high-quality asset base and stable financial position make it possible to implement such measures.

Formerly Indian Gems and Jewelery Export Promotion Council (GJEPC) asked “Alrosy” suspend the sale of raw materials in September-October. It was clarified that the decision was made “amid concerns about declining demand for diamonds in international markets, which is leading to disruptions in factory operations and a reduction in resource allocation.”

GJEPC expects that this will make each link in the diamond supply chain more stable and generally revive the market. The Russian company, in turn, called on other industry players to take a similar position.

September 15 Reuters citing a Belgian government representative reportedthat the G7 countries will announce an indirect ban on the import of Russian diamonds within two to three weeks. According to the agency, the ban could come into force as early as January.