Russian diamond mining juggernaut Alrosa has cancelled its next two sales amid concerns about declining demand.
According to reporting by Rapaport News, the company informed India’s Gem & Jewellery Export Promotion Council of the decision.
“Alrosa has decided to temporarily halt the allocation of rough diamonds in September and October 2023,” the company said.
“We believe that this approach is going to have a stabilising impact by strengthening the market’s supply-and-demand balance. This will aid the prevention of overstocking, especially with manufacturers closed for Diwali.”
The announcement comes after recent reports that the G7 countries – Canada, France, Germany, Italy, Japan, the UK, the US, and the EU – plan to introduce new sanctions against Russia’s diamond industry.
Belgium officials have informed the media that this import ban will be announced within the next two to three weeks.
Earlier this month, Alrosa reported the discovery of the largest gemstone-quality rough of the past decade – a 390-carat diamond unearthed in the Republic of Sakha.
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