23 Jun 2022 13:11

No need for Gokhran to buy Alrosa diamonds yet, company is well funded - dep minister

CHEBOKSARY. June 23 (Interfax) - There is no need for the Russian Gokhran or state gemstones and precious metals repository to buy rough diamonds from Alrosa yet as the mining company is well funded.

"Alrosa has sufficient financial reserves, it does not yet need this. We were prepared to buy [diamonds] for the Gokhran last year-on-year and we are ready this year. There is no need for now," Deputy Russian Finance Minister Alexei Moiseyev, who serves on the Alrosa supervisory board, told reporters on the sidelines of the Cheboksary Economic Forum.

However if such a need does arise, all decisions have been endorsed to buy diamonds for the Gokhran flexibly, without having to amend the budget, Moiseyev said.

The Finance Ministry will also be trying to promote sales of cut and uncut diamonds on the domestic market, for which VAT on them is being zeroed out, as it has been for gold, to encourage demand among the public for investment diamonds and facilitate transactions with them.

The possibility of the Gokhran buying diamonds from Alrosa is being discussed - the state is always ready to lend a helping hand - but there are no details yet, Alrosa CEO Sergei Ivanov told reporters on the sidelines of the St. Petersburg International Economic Forum last week.