Editor’s Note
This article reports on the discovery of a record 390.7-carat diamond in Russia, the country’s largest in over a decade. It also notes the significant challenges to its sale posed by international sanctions.
The Russian diamond producer Alrosa has reportedly found a 390.7-carat diamond, according to “Bloomberg”.
This would be the largest diamond mined in Russia in over a decade.
However, sanctions following Russia’s war of aggression against Ukraine could make it difficult to sell the gemstone on the international market.
According to a company statement, the gem-quality diamond was found at the Mayat mine in Yakutia. It is said to have an unusual shape and is surrounded by a yellow-brown halo.
Alrosa reportedly produces a similar volume of gemstones as the industry leader De Beers and has frequently sold them at international auction houses like Christie’s in recent years.
However, it is unclear whether the newly found record diamond can be sold in this way, as various countries, including the United States and the United Kingdom, have banned the import of Russian diamonds. According to “Bloomberg”, the G7 countries and the EU could announce further restrictions as early as September. Alrosa has already shifted parts of its business to Asia.