Alrosa has unearthed a historic diamond at its Mir mine in Russia, marking a significant milestone in the country’s diamond industry. The diamond, named “80 Years of Victory in the Great Patriotic War,” honors the 80th anniversary of the Soviet Union’s victory in World War II. Alrosa CEO Pavel Marinychev remarked, “It is symbolic that it was found in the year of the 80th anniversary of the Great Victory,” emphasizing the importance of this discovery.
This new find follows the recent discovery of another record-breaking diamond, the “New Sun,” a 100-carat gem, also unearthed earlier this year.
The Mir mine, one of Russia’s most prominent diamond producers, resumed operations earlier this year after a seven-year hiatus. The mine had been closed in 2017 following a tragic flood that claimed eight lives. Since then, Alrosa has invested 70 billion rubles ($762 million) to modernize the mine’s infrastructure and enhance safety protocols. The company plans to reach an annual production capacity of 2 million carats, with full-scale operations expected by 2030. The mine’s operational life is projected to continue until 2048.
Marinychev highlighted the economic importance of the reopening, noting that it would generate new jobs and strengthen Russia’s position in the global diamond market. Currently, Alrosa produces 99.6% of Russia’s diamonds and nearly 30% of the world’s total supply.
The announcement comes as Russian diamonds face increasing international sanctions. Although Russia’s diamond exports were initially protected from EU restrictions due to Belgium’s influential diamond industry, recent EU sanctions have imposed phased bans. In response, Alrosa is expanding its presence in Asia and the Middle East. Exports to Hong Kong surged 18-fold in early 2024, and Dubai has become a key hub for Russian diamond trading.
As global trade dynamics shift due to ongoing geopolitical tensions, the reopening of the Mir mine and the discovery of this remarkable diamond reflect Russia’s resilience and strategic adjustments in the diamond industry.
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