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Wednesday, September 1, 2010

Russia Hints at Selling $1B of Alrosa Diamonds


A Russian official said the government may be ready to sell the $1 billion worth diamonds it bought from the country’s mining giant, Alrosa, Bloomberg Businessweek reports.

The Russian government bought the gems to support state-owned Alrosa after diamond prices plunged more than 40 percent from their 2008 record as the global recession reduced jewelry sales.

Finance Minister Alexei Kudrin reportedly said the government is considering requests to sell the diamonds.

Prices of rough diamonds have climbed this year after producers, including De Beers, cut output and gem dealers rebuilt stockpiles, the publication reports.

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