Alrosa, the world’s largest diamond-producing company, announced on Sunday that it has unearthed the largest gem-quality diamond in Russia in the past decade.
The 390.7-carat diamond was extracted from one of Alrosa’s mines in the Republic of Sakha, also known as Yakutia, located in Russia’s Far East along the Arctic Ocean.
“The found diamond is a light crystal of an irregular shape, bordered by a yellow-brown halo – a combination of mass, shape, and color that is unique today,” Alrosa said.
In addition to this recent find, Alrosa had previously mined the largest gem-quality diamond in Russia in 2013, weighing 401 carats.
#Alrosa unveils a staggering 390.7-carat diamond from Yakutia, the largest in Russia since 2013! Its unique yellow-brown halo dazzles, but geopolitical sanctions pose potential challenges to its global sale. #Russia #Mining pic.twitter.com/IHu6Wou5ab
— CEOdigest (@CEO_digest) September 11, 2023
The world’s largest gem-quality diamond in history
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 was found at the Premier No.2 mine in Cullinan, and it was named after Thomas Cullinan, the owner of the mine.
In April 1905, the Cullinan Diamond was offered for sale in London. Despite generating considerable interest, it remained unsold for two years.
Good morning. On this day 1905 the world’s largest gem quality rough diamond was discovered in Cullinan, South Africa. It was given to King Edward VII, cut into 9 major gems with Cullinan I in the Sovereign’s sceptre and Cullinan II in the Imperial State Crown. pic.twitter.com/xN9tn5c4vy
— Merv – The Real Duke of Sussex (@bearz1066) January 26, 2023
In 1907, the government of the Transvaal Colony purchased the diamond, and Prime Minister Louis Botha presented it to Edward VII, the British king who reigned over the territory, according to Wikipedia.
The diamond was subsequently entrusted to Joseph Asscher & Co. in Amsterdam for cutting.
US sanctions on the new CEO of Alrosa
The US Department of State expanded its sanctions to now include Pavel Marinychev, the newly appointed CEO of Alrosa. This decision is part of the ongoing efforts to limit Russian access to financial resources in light of the conflict in Ukraine.
The primary objective of these sanctions is to diminish Russia’s existing and potential military capabilities while also reducing its overall revenue.
The Department of State declared in July that these sanctions are designed to specifically target individuals and entities that assist Russia in obtaining sensitive materials and to restrict Russia’s utilization of the international financial system to advance its military actions, according to Rapaport.
This action is part of a broader set of sanctions targeting senior Russian government officials and individuals considered as “malign actors.”
The objective behind these sanctions is to impose consequences on and hold accountable those individuals who enable Russia’s unlawful war.
Moreover, these sanctions were initially 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, as reported by Rapaport.