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MoneyWeek reported on the coming supply crunch in diamonds.
MoneyWeek reported on the coming supply crunch in diamonds.
As quoted in the market news:
Last week, Alrosa, the world’s second largest diamond miner, plucked out a stone weighing 158.2 carats from its Nyurbinsk mine in Russia’s north-eastern republic of Sakha (Yakutia). That is a quite remarkable size; at auction that is worth about $1.5m, and by the time it has been cut and polished it will be worth a great deal more.
In fact, Alrosa produces 97% of all diamonds in Russia and accounts for about 28% of global production. It is a name you could soon be hearing a lot more of as it is rumoured to be preparing a stock market flotation.