Gokhran
Encyclopedia
Gokhran the State Precious Metals and Gems Repository, is a state institution under the Russia
n Ministry of Finance, responsible for the State Fund of Precious Metals and Precious Stones of the Russian Federation. It was created by Federal Resolution 1378 (21 November 1996). It is responsible for the purchase, storage, sale, and use of precious metals, precious stones, jewellery, rocks, and minerals by the State Fund.
bought $
1 billion in uncut diamond
s from the Russian diamond miner ALROSA
, in order to support the Russian diamond mining industry while avoiding saturation in the global diamond market and thus further depression of diamond prices. The diamond mining industry is critical to the Yakutia economy.
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
n Ministry of Finance, responsible for the State Fund of Precious Metals and Precious Stones of the Russian Federation. It was created by Federal Resolution 1378 (21 November 1996). It is responsible for the purchase, storage, sale, and use of precious metals, precious stones, jewellery, rocks, and minerals by the State Fund.
Diamond purchasing
During the recent financial crisis, the Russian governmentGovernment of Russia
The Government of the Russian Federation exercises executive power in the Russian Federation. The members of the government are the prime minister , the deputy prime ministers, and the federal ministers...
bought $
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
1 billion in uncut diamond
Diamond
In mineralogy, diamond is an allotrope of carbon, where the carbon atoms are arranged in a variation of the face-centered cubic crystal structure called a diamond lattice. Diamond is less stable than graphite, but the conversion rate from diamond to graphite is negligible at ambient conditions...
s from the Russian diamond miner ALROSA
Alrosa
ZAO ALROSA , is Russia's largest diamond company. Alrosa is engaged in the exploration, mining, manufacture and sale of diamonds. The company's operations are located primarily in the Sakha Republic/Yakutsk region. Alrosa accounts for approximately 25% of the world's rough diamond supply and 97%...
, in order to support the Russian diamond mining industry while avoiding saturation in the global diamond market and thus further depression of diamond prices. The diamond mining industry is critical to the Yakutia economy.