Editor’s Note
ALROSA CEO Pavel Maryinchev suggests that recent U.S. tariff increases on polished diamonds from India will pose only a short-term disruption, expressing confidence in the Indian industry’s ability to adapt.
Pavel Maryinchev, CEO of Russian diamond miner ALROSA, believes that the recent US tariff hikes on polished diamonds imported from India will present only a temporary challenge. He expressed confidence that India’s cutting and polishing sector will be able to adapt and minimize the long-term impact.
he told ET. He added that a portion of the additional costs would likely be passed on to end consumers, though luxury buyers are less price-sensitive and retail brands might absorb some costs by temporarily reducing markups.
Maryinchev highlighted ALROSA’s position as the world’s largest diamond miner, responsible for over 30% of global output. He noted that with no major new deposits being discovered and existing mines yielding less, the declining supply is helping to stabilize the market.
he said. ALROSA has adjusted its operations, suspending production at less-profitable mines. After producing 33 million carats in 2024, output is expected to fall another 10–15% this year.
Despite challenges faced by Indian cutting and polishing units in recent years, key markets including the US, Europe, the Middle East, and India continue to show robust demand. Maryinchev pointed to strong double-digit sales growth from major Indian retailers in Q3 2025 and encouraging data from China as positive signs.
he said, citing stable global jewellery demand and declining diamond production as key recovery factors.
Maryinchev stated that concerns about synthetic diamonds replacing natural stones are fading. He highlighted a steep plunge in prices for lab-grown diamonds due to the ease of mass production.
he said, noting the price difference with natural diamonds now exceeds 95%. He argued that synthetic stones have moved into the category of “expensive costume jewellery,” lacking the uniqueness and history that luxury consumers value in natural diamonds.
Maryinchev emphasized that ALROSA’s ability to guarantee natural origin is a key competitive advantage. He countered claims that lab-grown stones are more environmentally friendly.
he said.