Market optimism may reduce Gokhran’s budget

The rebound in diamond market’s optimism, may affect budgets to be slashed for Gokhran, Russia's State Precious Metals and Gemstones Repository, reports say. This year, Gokhran was to be assigned around $1.4 billion to purchase precious metals and gemstones; of which, Gokhran intended spending $150 million on manufactured diamonds and $1 billion on rough diamonds including $870 million to buy diamonds from Alrosa, reports say.

The $1.4 billion budget is now likely to be around $700 million, reports add. Last year Gokhran had helped Alrosa by buying around $1.1 billion worth of diamonds when markets low in the economic slowdown. This year, Alrosa is optimistic of selling its entire stock in the open market, unless the economy takes a dip again, reports say.