DiamondBuzz
Alrosa Unearths Largest Gem-Quality Diamond in Russian History
Russian diamond mining giant Alrosa has unearthed the largest gem-quality diamond ever discovered in the country. The rare amber-coloured crystal weighs an impressive 468.30 carats and measures 56 x 54 x 22 mm. It was recovered in the Republic of Sakha (Yakutia).
“This year will undoubtedly mark a historic milestone for Russia’s diamond industry,” said Alrosa CEO Pavel Marynichev. “In early April, we unveiled the largest diamond ever cut in Russia — over 100 carats, which took more than two years to polish. And now, nature has gifted us this extraordinary discovery. It is the biggest gem-quality diamond ever mined in Russia.”
In tribute to the 80th anniversary of the end of World War II, the diamond has been named “80 Years of Victory in the Great Patriotic War.”
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
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