Gokhran

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Gokhran (Russian: Гохран), the State Precious Metals and Gems Repository, is a state institution under the Russian Ministry of Finance, responsible for the State Fund of Precious Metals and Precious Stones of the Russian Federation. It was created by Government 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[edit]

During the recent financial crisis, the Russian government bought $1 billion in uncut diamonds 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.[1] The diamond mining industry is critical to the Yakutia economy.[1]

References[edit]

  1. ^ a b Golubkova, Katya (21 August 2010). "Putin vows $1 bln support for diamond miner Alrosa". Forbes. Retrieved 1 October 2010. 

External links[edit]