Russia to Sell Rough Stockpiles as Demand Surges
June 09, 21
(IDEX Online) - Russia may release diamonds from its state-controlled stockpiles, allowing Alrosa to replenish dwindling reserves as demand surges.
The government holds undisclosed reserves of precious gems and metals in a repository known as Gokhran.
It is now reported to be considering the release of some rough reserves through public auctions, according to Bloomberg News, which would Alrosa to replenish its inventories.
The state-run miner has seen its inventories become depleted in recent months as midstream demand rallies, and is now reported to hold a record low of just 10m carats, compared with over 30m carats in Q3 2020.
Gokhran intervenes to stabilize prices, and reportedly bought $1bn of rough stones to assist Alrosa in 2009 during the global financial crisis.
Pic courtesy Alrosa