Eye on diamonds: Russians have started investing massively in diamonds
Demand for investment diamonds increased by 20% in January–September 2025 compared to the same period last year, Alrosa told Izvestia. According to experts, the volume of transactions has reached 45 billion rubles per year with a yield of 3-5%. Investors are looking for alternative assets: diamonds are considered resistant to inflation and market fluctuations. The Ministry of Finance had previously recommended this instrument along with gold. However, the asset is characterized by low liquidity and high spread, experts warn. In which cases investors should pay attention to diamonds, see the Izvestia article.
How is the demand for investment diamonds growing in the Russian Federation
The demand for investment diamonds in Russia is actively growing. The number of transactions for their purchase increased by 20% in January–September 2025 compared to the same period last year, the press service of Alrosa told Izvestia. The company did not disclose the absolute figures. Alrosa sells diamonds through partner banks. The publication sent inquiries to financial organizations.
— In Russia, the trend towards buying diamonds for jewelry is relevant. Over the past year, the number of Alfa-Bank customers who purchased these precious stones has increased by 30%. At the same time, purchase volumes are becoming more moderate," said Elena Borisova, head of the A—Club Product Development Directorate.
The investment banking market in Russia has been actively developing since October 2022. Then the authorities abolished VAT on their purchase for individuals.
Investors have the opportunity to trade stones through Russian banks, and the Moscow Exchange has launched two diamond indexes. In addition, Alrosa has established a buyback of the stones to increase liquidity.
Investment diamonds include stones weighing at least two carats. They are available on the market in small volumes. When evaluating diamonds for investment, beauty, color, weight, as well as the exclusivity and rarity of the stones are taken into account. The cost of the budget option starts from 280 thousand rubles.
Only 2% of the diamond market is investment-grade due to the high cost of storage and opaque pricing, said Olga Veretennikova, vice president of Borsell analytical company.
The value of investment billions is pegged to dollars, and the purchase and sale is carried out in rubles. According to Finam, the average annual return on this instrument does not exceed 3-5%, plus the profit from currency exchange rate changes. Taking into account brokerage commissions, the payback period for investments can be three to four years.
There are also storage costs. It will not be possible to buy and sell a diamond in six months and earn 100% or more of its original value on it, Olga Veretennikova noted.
Denis Astafyev, fund manager and founder of the SharesPro fintech platform, estimated that the volume of transactions with investment funds in the Russian Federation reaches about 45 billion rubles per year. According to him, the segment is primarily aimed at wealthy private investors.
Why Russians invest money in investment diamonds
Russian Deputy Finance Minister Alexei Moiseev previously advised Russians to keep their savings in gold and investment diamonds, noting that cash dollars are becoming less and less attractive.
— Investors are really looking for alternative assets to diversify their portfolios. Their focus is shifting to those that are less susceptible to inflation and stock market volatility. Diamonds are perceived as a "safe haven". Their value is stable in the long term, which makes them attractive in conditions of economic uncertainty," Alrosa told Izvestia.
An additional incentive is provided by a reduction in global production of natural diamonds — the supply is shrinking, which supports prices, said Denis Astafyev from SharesPro. Natural diamonds in the world are mined about 150 times less than gold, and almost 900 times less than silver, said Olga Veretennikova from Borsell.
At the same time, we must not forget about the risks: in 2024, global quotes fell by almost a quarter due to weak demand and competition from synthetic stones. Other disadvantages include low liquidity, lack of regular income, significant selling spreads, and dependence on global jewelry demand, Denis Astafyev said.
As a result, investment diamonds can be considered as an additional element of portfolio diversification, but not as a substitute for liquid instruments like bonds or gold, he believes.
According to Denis Astafyev, demand growth in Russia is likely to continue, but it will be more moderate and focused on high-quality diamonds.
The trend will continue in the coming years unless the tax regime changes and there is a serious reduction in global economic risks or a strengthening of the ruble, agrees Yaroslav Kabakov, Director of Strategy at Finam IC. Unlike stocks or bonds, diamonds do not provide regular income, but they act as a protective asset and an element of portfolio diversification, he noted.
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