On Sunday, Alrosa, the world's largest diamond-producing company, announced the discovery of a 390.7-carat gem-quality diamond from its Mayat mine in Yakutia, marking the largest such find in Russia in the past decade. The diamond, characterized by its irregular shape and light color with a yellow-brown halo, was discovered during the night-washing of rough from the Ebelyakh portion of the deposit.
This discovery follows Alrosa's unearthing of a 401-carat gem-quality diamond in 2013. "The discovery of one of the largest diamonds in Russian history is undoubtedly an unprecedented event and an excellent finale to the 2023 mining season," said Alrosa CEO Pavel Marinychev. However, experts are yet to fully study and evaluate the potential and characteristics of this newly mined diamond.
The announcement comes as Alrosa reported its first financial results in over a year. Sales for the first half of 2023 marginally increased to RUB 188.16 billion ($1.9 billion), compared to RUB 187.88 billion ($1.9 billion) a year earlier. However, profit plummeted by 35% to RUB 55.57 billion ($562.5 million). The company had halted publishing its results in March 2022 due to the war in Ukraine disrupting its business operations with much of the global industry.
In related news, the U.S Department of State has extended its sanctions to include Pavel Marinychev, Alrosa's newly appointed CEO, as part of ongoing efforts to limit Russia's access to financial resources amid the conflict in Ukraine. These sanctions target individuals and entities that assist Russia in obtaining sensitive materials and restrict Russia's use of the international financial system for advancing its military actions.
Previously, these sanctions were placed on Alrosa, a Russian diamond miner majority-owned by the government, and its former CEO, Sergey Ivanov, at the beginning of 2022. Ivanov subsequently left the company later that year. The sanctions aim to impose consequences on and hold accountable those individuals who enable Russia's unlawful war.
For historical context, the world's largest gem-quality diamond ever mined remains the 3,106-carat Cullinan stone, which was recovered in South Africa in 1905. It remained unsold for two years after being offered for sale in London in April 1905. In 1907, it was purchased by the government of the Transvaal Colony and presented to Edward VII, the British king who reigned over the territory. The diamond was later entrusted to Joseph Asscher & Co. in Amsterdam for cutting.
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