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Russia’s stockpile of glistening diamonds is significant

22 Aug / 11
Russia’s stockpile of glistening diamonds is significant
The Alrosa diamond company which is mostly owned by the Russian government has been receiving large amounts of rough diamonds for some time now. Instead of selling them on the open market, they are wrapping them in paper and taking them away into a cellar. It is estimated that several million carats worth of unique diamond gems every month are making their way into these vaults. Because of this, Russia has exceeded De Beers as the globe’s leading diamond producer. This is quite an accomplishment in its own right. With that accomplishment, there comes a lot of responsibility. Russia has now become the mediator of worldwide diamond prices. They now have decisions on manufactures and trades that will set the value of diamond jewellery in retail stores and online for years to come. With the economy being the way it is, we may not see a heavy rise in demand for rough diamonds anytime soon but if we do, Alrosa will quickly be able to supply the demands easily without causing a major stir in the diamond market. Although it is a dangerous period for the Russian diamond company to shoulder leadership of the diamond industry, they are poised to set a new standard in the markets.
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