The Russian Finance Ministry will evaluate the diamond market after the second quarter before deciding on any further purchases from Alrosa for the state-owned repository, Gokhran, according to Interfax.

Regular acquisitions from Alrosa resumed last year, with one purchase completed in March following global restrictions on Russian diamond imports to G7 countries in early 2024.

Deputy Finance Minister Aleksei Moiseev noted that the market remains weak but emphasized that the first quarter is typically slow. He stated that a decision would be made after assessing market conditions at the end of the second quarter.

Alrosa’s diamond production declined by 4.6% to 33 million carats in 2024, while net profit dropped by 77.3% to 19.3 billion roubles ($216.26 million).