Alrosa Uncovers Russia’s Largest-Ever Diamond: Gem Cutting Interest From Asia

Russian diamond-mining giant Alrosa has stated that it has mined the largest diamond in Russian history. The 468-carat, amber-colored diamond has been named “80 Years of Victory in the Great Patriotic War,” referring to the Soviet victory in World War II.

Alrosa CEO Pavel Marinychev said: ‘To date, this is the largest gem-quality diamond mined in Russia. It is symbolic that it was found in the year of the 80th anniversary of the Great Victory. That’s why we decided to name it in honour of such a significant event for our country,‘ said Pavel Marinychev, ALROSA’s General Director’. The diamond was discovered just a month after Alrosa announced that it had completed the cutting of the 100-carat honey-gold New Sun diamond, which was the largest in Russian history at the time.

Alrosa holds a 99.6% share of Russia’s diamond output and accounts for nearly 30% of global supply.

Russia is one of the world’s biggest producers of diamonds, with the EU sanctioning the industry and prohibiting Russian diamonds to be exported to the West. However, due to lobbying by Belgium, the home of European diamond trading, Antwerp, the traditional home of diamond cutting was exempted from EU sanctions over the invasion of Ukraine until the 12th round and is now only being phased in gradually. That will prove to be Belgium’s loss as the industry moves onto new foreign trade centres and consumer markets.

The diamond industry in Belgium has thrived for centuries and accounted for over half of Russia’s total diamond exports of 28.2 million carats, worth approximately US$2.5 billion in 2021. In response to sanctions, Alrosa has shifted its focus to markets in Asia and the Middle East.

Russian diamond exports to Hong Kong were up 18-fold in the first half of 2024, while Dubai has also emerged as a major alternative non-EU market for diamond trading. The stone is likely to be cut by Indian professionals and divided into different gems, possibly as part of a set. The eventual price tag can be expected to run into tens of millions of dollars.