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Russian diamond miner Alrosa may suspend some production in 2025 and cut staff as it faces challenges with low global prices, according to CEO Pavel Marinychev.
The world’s largest producer of rough diamonds by volume has been impacted by a ban on Russian diamond sales to G7 and EU countries as part of Western sanctions. These countries have agreed to ban direct imports of Russian diamonds starting January 1 and to phase in a full ban on Russian-origin stones via third countries beginning March 1, in response to Moscow’s actions in Ukraine
The world’s largest producer of rough diamonds by volume has been impacted by a ban on Russian diamond sales to G7 and EU countries as part of Western sanctions. These countries have agreed to ban direct imports of Russian diamonds starting January 1 and to phase in a full ban on Russian-origin stones via third countries beginning March 1, in response to Moscow’s actions in Ukraine.
The Russian government regularly purchases diamonds from Alrosa through a state fund. Deputy Finance Minister Alexei Moiseev said the country will continue to buy diamonds in 2025 to support the diamond industry and market.
