On Wednesday, Alrosa, Russia’s diamond producer impacted by sanctions, disclosed a net profit of 85.18 billion roubles ($925 million) for the year 2023, marking a decrease of 15.2% compared to the previous year.
Despite the decline in net profit, turnover demonstrated resilience, experiencing a 9.2% increase, reaching 322.6 billion roubles.
In December, leaders from the Group of Seven (G7) collectively agreed to implement a ban on non-industrial diamonds sourced from Russia by January, with additional restrictions placed on Russian diamonds sold by third-party countries from March.
Further compounding challenges, the European Union included Alrosa, Russia’s largest diamond producer, in its sanctions list in January. This decision forms part of the punitive measures imposed on Moscow in response to the ongoing conflict in Ukraine.
