Alrosa Unveils Historic 468-Carat Diamond as Mir Mine Resumes Operations

On Thursday, the Russian diamond mining behemoth Alrosa announced that it has unearthed the largest diamond ever recorded in the nation’s history.

Weighing in at 468 carats and boasting an amber hue, the diamond has been christened “80 Years of Victory in the Great Patriotic War,” in tribute to the Soviet triumph in World War II.

«It is fitting that this gem was discovered during the year marking the 80th anniversary of this monumental victory,» said Alrosa CEO Pavel Marinychev in a statement. «For this reason, we chose to name it in celebration of such an important milestone for our entire nation.»

This finding follows a recent announcement from Alrosa that it had previously extracted the largest diamond in Russia just a month earlier—a 100-carat stone referred to as the “New Sun.”

The “80 Years of Victory in the Great Patriotic War” diamond was located in the Mir mine, situated in the Republic of Sakha (Yakutia), in the remote northeastern region of Russia.

This mine, one of the nation’s largest and operational since the Soviet era, recently reopened its doors after being shuttered in 2017 due to flooding, which resulted in the loss of eight workers.

The reopening is anticipated to enhance Russia’s diamond output, with Alrosa aiming for an annual production capacity of 2 million carats.

Marinychev further emphasized that reviving the mine will provide job opportunities in the area and bolster Russia’s status as a leading producer of diamonds globally.

Alrosa commands a staggering 99.6% share of Russia’s diamond production and is responsible for nearly 30% of the worldwide supply, as reported by Vedomosti.

The company expects the Mirny mine to reach its full design capacity by 2030, with an operational lifespan projected until 2048.

The total expenditure for rejuvenating the mine is estimated at 70 billion rubles (approximately $762 million). Following the tragic event in 2017, the firm has introduced enhanced safety protocols and modernized its facilities.

The revival of the Mirny mine coincides with the imposition of diamond sanctions on Alrosa, aimed at constraining its operations.

While Russia is among the top diamond producers globally, it was initially exempted from EU sanctions related to the invasion of Ukraine—largely due to lobbying efforts from Belgium, the center of the European diamond trade—until the 12th round of sanctions, which are now being gradually implemented.

Belgium’s diamond sector has flourished for centuries and represented over half of Russia’s diamond exports, totaling 28.2 million carats valued at approximately $2.5 billion in 2021.

In light of these challenges, Alrosa has redirected its marketing efforts towards Asian and Middle Eastern markets. Reports from bne IntelliNews indicate that Russian diamond exports to Hong Kong surged 18-fold in the first half of 2024, with Dubai also emerging as a significant alternative trading hub for diamonds.

This article was originally published in bne IntelliNews.