INSUBCONTINENT EXCLUSIVE:
the largest diamond mines in Russia that has been working since Soviet times, recently reopened after being closed in 2017, when flooding
global supply, Vedomosti reported.Alrosa said it expects Mirny to reach full design capacity by 2030, with the life of the mine projected to
last until 2048.The total investment in restarting the mine stands at 70 billion rubles ($762 million)
The company said it has implemented new safety measures and modernized its infrastructure following the 2017 incident.The return of the
diamonds, but due to lobbying by Belgium, the home of European diamond trading, it was exempted from EU sanctions over the invasion of
accounted for over half of Russia's total diamond exports of 28.2 million carats, worth approximately $2.5 billion in 2021.In response, the
company has shifted its focus to markets in Asia and the Middle East
Dubai has also emerged as a major alternative market for diamond trading.This article first appeared in bne IntelliNews.
