RUSSIAN FINANCE MINISTRY: RUSSIA IS READY TO GO ON WITH DIAMOND PURCHASES TO STATE FUND IN 2025 TO SUPPORT THE INDUSTRY AND THE MARKET
MOSCOW, Nov 21 (Reuters) -Russia will continue to buy diamonds through a state fund in 2025 in order to support the diamond industry and market, Deputy Finance Minister Alexei Moiseev said on Thursday.
The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems, Moiseev said in a statement.
Russia will continue to ensure "stable global rough diamond prices in the wake of oversupply in the current market," the same statement said.
State-owned precious metals and gems repository Gokhran resumed buying diamonds from Alrosa ALRS.MM in March 2024. Alrosa, under U.S. and EU sanctions, is the world's largest producer of rough diamonds by volume with 30% of the market.
Reporting by Anastasia Lyrchikova and Darya Korsunskaya
Editing by Andrew Osborn
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