Despite declining sales under Western sanctions, Alrosa’s profit rises 27% on Angolan asset sale; analysts warn of continued pressure from a strong ruble and weak global demand.

Alrosa, Russia’s state-controlled diamond miner, reported a 6% year-on-year drop in revenue to RUB 156.76 billion ($1.93 billion) for the first nine months of 2025, as Western sanctions and a sluggish global diamond market weighed on sales.

Despite weaker revenue, the company’s net profit climbed 27% to RUB 35.75 billion ($441.3 million), supported by the completion of its Angolan asset sale in the first half of the year, Alrosa said in a statement last Thursday.

Ongoing sanctions have curtailed Alrosa’s access to key markets such as the US and , further tightening its trade network and limiting rough-diamond exports. The miner did not disclose its country-wise sales distribution or confirm whether Gokhran — Russia’s state gem repository — had purchased any of its stock during the period.

In contrast, rival De Beers posted a 10% increase in consolidated rough-diamond sales over the same period, highlighting the divergent fortunes of the world’s top two diamond producers.

Russian investment bank BCS described Alrosa as being caught in a “perfect storm” of challenges — including an overvalued ruble, global industry headwinds, and ongoing sanctions. However, the bank added that once the company stabilizes its operations, it could see gradual improvement and eventual revaluation.