Russia interested in reviving diamond industry, ready to use Gokhran for support - Finance Ministry

MOSCOW. Nov 21 (Interfax) - Russia is taking practical actions to support a revival of the diamond industry, and is ready to continue using the resources of the State Precious Metals and Gemstones Repository (Gokhran) for this where necessary, Deputy Finance Minister Alexei Moiseyev said following a plenary session of the Kimberley Process.

As a participant in the global diamond market, Russia also adheres to the traditional principle of price over volume, Moiseyev said. This approach involves limiting supply to support prices.

"We should demonstrate our certainty in the unchanging value of diamonds to the market in the future and support the noted trend towards reviving global trade. The Russian Federation is taking practical actions in this regard to support the market. The State Precious Metals and Gemstones Fund [the purchases and sales of which are the responsibility of Gokhran] has sufficient resources for ensuring support for the diamond industry where necessary, as was previously the case," he said.

The federal budget for 2025-2027 allocates 154.5 billion rubles or $1.55 billion for obtaining precious metals and gemstones by Gokhran, he said.

Russia has "positive experience of state [diamond] purchases in 2008-2009," Moiseyev said. These turned out to be an excellent investment by the state when selling diamonds in subsequent years amid scarce demand for raw materials, he said.

"This is an important signal for the industry of [our] adherence to the principle of price over volume, and the task that Russia is ready to fulfill in our common interest of reviving the industry in 2025, ensuring stable global diamond prices amid the oversupply on the current market," he said.