- published: 30 Jun 2009
- views: 39208
ZAO ALROSA (Russian: Закрытое акционерное общество АЛРОСА), is world's largest diamond company. Alrosa is engaged in the exploration, mining, manufacture and sale of diamonds. The company's operations are located primarily in the Sakha Republic/Yakutsk region. Alrosa accounts for approximately 25% of the world's rough diamond supply and 97% of Russia's rough diamond production.[citation needed] The company's headquarters are in Mirny (Sakha Republic) and Moscow.
The company was set up according to Presidential Decree №158C of the President of Russia "On the Establishment of the Almazy Rossii-Sakha Joint Stock Company" signed on 19 February 1992, as the legal successor to the following entities:
On March 28, 1998, Russian President Boris Yeltsin signed the Law On Precious Metals and Stones - a document of vital importance to Alrosa, according to the company's website. [2]
On July 2007 Verkhne-Munskoye diamond field in Yakutia was discovered with estimated value of about $3.5 billion.
In August 2009 during the recent financial crisis, Russian Prime Minister Vladimir Putin announced the Russian government, via Gokhran, would buy $1 billion in uncut diamonds from Alrosa. This was to support the Russian diamond mining industry while avoiding saturation in the global diamond market and thus further depression of diamond prices. The diamond mining industry is critical to the Yakutia economy.