# Russia diamond producer Alrosa’s annual net profit drops 15.2%
Author: Pal sinha, Barnali
Author URL: https://startupobserver.com/author/pal-sinha-barnali/
Published: 2024-02-28
Category: Headlines
Category URL: https://startupobserver.com/category/headlines/
Meta Title: Alrosa Annual Net Profit Drops 15.2% in 2023
Meta Description: Discover how Russia's Alrosa reported a 15.2% decrease in net profit for 2023 amidst sanctions and evolving global diamond market dynamics. Learn more now.
URL: https://startupobserver.com/russia-diamond-producer-alrosas-annual-net-profit-drops-15-2/

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MOSCOW (Reuters) -Russia’s sanctions-hit diamond producer Alrosa on Wednesday reported 2023 net profit of 85.18 billion roubles ($925 million), down 15.2% from the previous year.

Turnover was up 9.2% at 322.6 billion roubles.

Group of Seven leaders agreed in December to ban non-industrial diamonds from Russia by January, and Russian diamonds sold by third countries from March.

The European Union added Alrosa, Russia’s biggest diamond producer, to its sanctions list in January as part of punitive measures it has imposed on Moscow over the war in Ukraine.

($1 = 92.0625 roubles)

(Reporting by Reuters; Editing by Alexander Smith)


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