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Russian govt. gains controlling stake in Alrosa diamond firm

Russia’s government has gained a controlling stake in the country’s largest diamond producer Alrosa through the purchase of Alrosa’s newly issued shares, the diamond firm said on Wednesday.

The Russian government’s stake has been increased to 50% plus one share in the diamond producer while the Republic of Sakha (Yakutia) where Alrosa’s diamonds are mined and eight of the republic’s districts (uluses) have retained 32% and 8% of the company’s shares respectively, the statement said. Alrosa, which accounts for 97% of Russian and 25% of global diamond output, produced diamonds worth $2.37 billion in 2007. (