Alrosa has recovered a 468.30-carat amber-coloured diamond from the Mir mine in Yakutia, the largest gem-quality stone recorded in Russia to date. It has been named “80 Years of Victory in the Great Patriotic War”, marking the 80th anniversary of the Soviet Union’s World War II victory.
Recovery at Reopened Mir Mine
Measuring 56mm by 54mm by 22mm, the diamond surpasses the previous Russian record of 401 carats set in 2013. It was recovered from the Mir mine, which resumed operations after being closed in 2017 following a fatal flood that resulted in eight deaths.
The Mir mine, active since the Soviet period, is expected to reach an annual capacity of 2 million carats by 2030. Operations are projected to continue until 2048. Alrosa has invested 70 billion rubles (about $762 million) to modernise infrastructure and implement new safety measures.
Market Context and International Sanctions
This discovery comes amid ongoing international sanctions targeting Russian diamonds. Although initially exempt from European Union sanctions due to lobbying from Belgium’s diamond industry, Russian gems are now subject to restrictions under the EU’s 12th sanctions package. These measures have significantly impacted Alrosa’s revenues, with a 42% decline reported for Q1 2025.
Alrosa has redirected sales efforts toward markets in Asia and the Middle East. Exports to Hong Kong rose sharply in the first half of 2024, and Dubai has become a key location for Russian diamond transactions.
Company Operations and Strategic Developments
The diamond was found shortly after Alrosa completed the two-year cutting of a 236-carat vivid yellow rough diamond—Russia’s largest coloured diamond—into a polished stone named New Sun. Alrosa did not disclose the final size or clarity of the polished gem.
Alrosa produces 99.6% of Russia’s diamonds and accounts for nearly 30% of global supply, despite current geopolitical and market challenges. Russian Finance Minister Anton Siluanov recently stated that the government is considering purchasing Alrosa’s gems for state reserves to stabilise the company amid market pressures.
“The year 2025 will definitely take a special place in the history of the Russian diamond industry,” said Alrosa’s CEO Pavel Marinychev in a statement. “To date, this is the largest gem-quality diamond mined in Russia. It is symbolic that it was found in the year of the 80th anniversary of the Great Victory.
“Therefore, we decided to name it in honor of such a significant event for our entire country.”
