Diamond mining company De Beers Group is still benefitting from the sanctions placed upon its biggest rival. The financial gain De Beers is seeing from the war in Ukraine becomes clearer every month as it releases more data about the company’s production and revenues.
De Beers’ biggest rival internationally is Alrosa, a Russian state-owned diamond miner that has been hit hard by the sanctions placed upon it by governments like the UK and US.
We have seen in previous months that De Beers’ rough diamond sales have been rising since the war in Ukraine began. Now new data shows that, even while its revenues rise, its diamond production is in decline.
With Alrosa out of the picture, decreasing production could in theory create a diamond scarcity and drive up De Beers’ prices even further. Production decreased in all but one of De Beers’ four operational countries, with only Namibia showing growth.
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