20:14 GMT +316 January 2019
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    Russian govt. gains controlling stake in Alrosa diamond firm

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    MOSCOW, June 18 (RIA Novosti) - Russia's government has gained a controlling stake in the country's largest diamond producer Alrosa [RTS: ALRS] 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.

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