Introduction

The query “investment diamonds” in Russia usually leads to practical questions: what kind of asset this is, from which parameters a stone is counted as investment, how to buy VAT-free through a bank, what a basket is, whether there is a buyback, which index to watch.

The answer starts by separating objects. A mass polished stone (a typical 1 ct in wholesale indices) and a stone of investment selection (large, of high characteristics or fancy) are different segments. ALROSA, in open materials of the ALROSA Diamond Exclusive programme, writes directly: not all diamonds are equally interesting as a holding; mass, colour, clarity, cut and fancy rarity matter.

Below is desk research from open sources. The aim is to describe the Russian product contour (criteria, bank, VAT, baskets, MOEX indices, exit) and the world background (Rapaport, lab-grown, sanctions) so that they are not confused. We do not value a specific stone and do not forecast return. Programme and buyback terms need to be checked against the seller’s and the bank’s current documents on the date of the deal.

Method and sources

The base is materials of ALROSA / ALROSA Diamond Exclusive and partner banks; Moscow Exchange publications on diamond indices; Rapaport (RAPI™ / RDI and annual reviews); De Beers; Bain & AWDC; Renneboog & Spaenjers on auction investment-grade; G7/EU sanctions FAQs; trade press (Kommersant, Forbes, Vedomosti).

Caveats. An index is not the price of your stone. Asking on RapNet is not a deal. MOEX indices are indicators of stone groups by the exchange’s method, not a quote of your certificate. Press releases about sales growth and “returns” describe particular products and periods. Scenarios at the end are flagged separately.

What investment diamonds are

In practice different things sit under one word. It is useful to keep them apart.

1. Investment class in the sense of a programme seller (RF)

In ALROSA Diamond Exclusive materials, investment stones usually include:

• colourless stones of high characteristics — often from 2 ct, colour of the order of D–F (in some bank descriptions ranges D–H appear), high-grade clarity (IF–VS2 / in the MOEX index for the investment group — VVS1–VS2 — see below);
• fancy-color of rarity (yellow, pink, blue and others): for fancy the mass threshold may be different; value is more tightly tied to saturation and rarity of colour;
• quality of cut execution (bank descriptions mention a Triple Excellent / 3Ex orientation — that is a requirement of a particular offer, not a law of the market).

ALROSA stresses rarity: in mining, the share of large stones fit for investment criteria is small (in public remarks in 2026 — of the order of 1–2% of production for diamonds of 3 ct+ in the programme context).

2. A diamond basket

The second product of the Russian contour is a set of about 18–22 stones of smaller mass (in product descriptions — of the order of 0.3–1.99 ct) with a single price logic. This is not “one rare lot”, but a package. MOEX calculates a separate index of a diamond set.

3. A wholesale / index stone (Rapaport and analogues)

Round stones of typical qualities on which the Rapaport Price List and RAPI™ are calculated. This is the language of wholesale and discounts. The dynamics of an index 1 ct are not equal to the dynamics of a selected 2 ct+ or fancy in a bank programme.

4. Jewellery as “saving”

In surveys some people call a ring a cushion. That is an owner’s attitude, not a proven secondary buyback market and not an ADE product.

Mixing these four senses is the main source of false conclusions. Growth of ADE sales does not mean growth of RAPI 1 ct. A fall in a commercial index does not cancel the logic of a rare large stone or fancy.

How to buy investment diamonds in Russia

After 2022 the segment in the RF grew against the lifting of VAT on individuals’ diamond purchases through banks and the launch of programmes such as ALROSA Diamond Exclusive.

A typical scheme from open descriptions of ADE and partner banks:

1. The client applies to a partner bank of the programme.
2. The bank buys the chosen stone / basket from ALROSA and sells it to the client.
3. Settlements are in roubles; prices in the programme’s logic are often tied to a dollar level (a quasi-currency meaning that ALROSA and the banks write about).
4. Purchase by an individual through a bank is in a VAT-free regime (the tax contour needs to be confirmed with the bank on the date of the deal).
5. Documents and a certificate are part of the deal; storage and buyback terms are in the contracts and programme rules.

In April 2026 ALROSA reported: in 2025 the number of investment diamonds sold under Diamond Exclusive grew 40% versus 2024; partner banks with general agreements — 20; requests for premium jewellery with such stones and revenue on them also grew. Earlier Kommersant, citing the company, wrote of a multiple rise in units in 2024 and an estimate of segment capacity of the order of $75–100 million (an analysts’ estimate in the press, not a census).

The practical meaning of the channel: this is an institutionalised purchase of a selected natural stone inside the RF, not an independent “spot” like a bar on an exchange.

Storage, custom jewellery, buyback

From open ADE pages (terms change — check the primary source):

• Storage with ALROSA (Moscow) at a fixed annual fee in published materials — an orientation of the order of 12 000 ₽/year regardless of the number of stones; stones are insured in the service description.
• Making jewellery to order with the acquired stone — as a way to wear the asset; a finished piece from the counter usually carries a different retail markup.
• Buyback / sale through the ALROSA contour. Programme descriptions provide mechanisms of return into the company’s / platforms’ contour (including buyback of individual stones bought after a certain date, and buyback of baskets; for some lots — commission sale). Discount, timing and exceptions are set by the contract and the current regulation — they cannot be derived from an advertising slogan.

For the analyst it matters: the presence of an institutional exit channel is a strong side of the Russian product relative to “bought a ring in a store and look for a reseller yourself”. That does not cancel the need to read the terms of the full cycle before purchase.

MOEX indices and Rapaport indices — different lines

Moscow Exchange (from December 2023)

The exchange publishes weekly indicators (RUB and $):

In market comments (Forbes / Finam) it was noted: index parameters are close to ALROSA products (large investment stones and baskets). An index is a group orientation, not a guaranteed buyback price of your stone.

Banks in open materials refer to the rouble dynamics of the investment-diamonds index as an illustration of the segment’s behaviour (specific % depend on the cut date — they need to be taken from MOEX / a primary source, not from someone else’s snippet).

Rapaport / world wholesale

Rapaport, in the investment block of the annual report: in the ten years to the end of 2025 a 1-carat diamond on RDI lost about 29.4%, gold over the same horizon rose much more strongly. In 2024 RAPI for 1 ct fell 23%.

How to read this next to ALROSA’s position. The company and the banks speak of rare stones of high characteristics and fancy — not of an average commercial 1 ct. Rapaport itself for large categories on a long horizon often showed different dynamics than 0.50–1 ct. A cautious conclusion: pressure on the mass index segment cannot automatically be transferred onto selected investment class; and conversely — strong marketing of investment class does not cancel the weakness of commercial.

How a diamond differs from gold as a mechanic

Gold is a standardised metal with a deep spot. A diamond is an individual object (4C, shape, certificate, origin, channel). Two stones of the same weight can diverge in price and in speed of sale.

Hence the practice:

• the entry and exit spread depends on the channel (bank / programme / wholesale / auction);
• time to find a buyer outside a programme buyback can be long;
• documents and origin affect the circle of buyers;
• storage and insurance are separate costs.

ALROSA and the banks position an investment diamond as a defensive / diversifying physical asset with a dollar price logic inside rouble settlements — not as a one-for-one replacement of equities or a gold ETF. The buyer’s correct question: whether this stone and this channel fit the full cycle (entry, storage, exit), not “whether diamonds in general will rise”.

Lab-grown and investment class

Grown stones have strongly lowered wholesale prices in segments where size and budget decide. The Knot (US bridal) in 2026 publications indicated a high share of lab-grown in centre stones of engagements in its sample — this is not the RF and not ADE investment-grade.

For natural investment class something else matters more: Rapaport describes the relative resilience of luxury 2 ct+ of high quality against pressure on commercial. Lab-grown sharpens selection: a natural stone with a noticeable inclusion more often loses in a comparison. That is consistent with programmes’ accent on high characteristics and rarity, not on a mass 1 ct.

More in natural vs lab and whether to buy synthetic.

World background: sanctions, rough, the split of segments

G7/EU sanctions (2024–2026) restricted imports of Russian non-industrial diamonds / polished diamonds into the EU/G7 contour and tightened traceability. That affects international routes and compliance. For the holder of a stone of Russian origin, international resale is a separate due diligence; ADE’s domestic bank contour is built precisely as a working alternative inside the RF.

Rapaport (2025): commercial under pressure from lab-grown; engagement around 1 ct — competition with synthetics; luxury 2 ct+ — relatively more stable. De Beers in H1 2026 recorded a fall in rough revenue with a rise in volumes and a fall in average price — pressure on midstream and the mix, especially lower-value natural.

The background result: world mass-market is weak; rarity and high quality live differently; in Russia the infrastructure of investment purchases through banks is growing in parallel.

Liquidity and exit

Liquidity is “to whom, for how much and how fast”, not an abstract “it can always be sold”.

Working levels of exit:

1. Buyback / sale in the ADE programme contour — if it fits the regulation; terms in the documents.
2. ALROSA platforms / commission — for some lots under programme rules.
3. Wholesale / dealer — closer to wholesale.
4. Auction — for rarity; timing and hammer uncertainty.
5. Private resale — finding a buyer sits on the owner.

The closer the stone is to mass commercial 1 ct without a programme channel, the more the index trend and lab-grown press on it. The closer to investment-programme criteria and a working buyback, the more important it is to read the exit contract, not “the market average”.

What is happening now: a summary

Scenarios and hypotheses

Limitations

This text is not an investment recommendation, an offer or a valuation of a stone. ADE, bank, storage and buyback terms change — check with ALROSA and the bank. Figures from Rapaport, MOEX, ALROSA and surveys refer to different objects. 7.8% on certain digital financial assets is a parameter of a particular issue. The RF capacity estimate of $75–100 million is an estimate in the press. The material does not promise a return.

Conclusions

1. An investment diamond in the Russian sense is above all a selected natural stone (large of high characteristics or fancy) and related products such as diamond baskets, not any stone on the counter.
2. The working way to buy in the RF is a partner bank of programmes such as ALROSA Diamond Exclusive, with a VAT-free regime for individuals (confirm with the bank) and storage / buyback services under the regulation.
3. MOEX indices are closer to Russian investment products; Rapaport 1 ct describes mainly mass wholesale. They cannot be substituted for each other.
4. Lab-grown pressure and the weakness of commercial do not cancel the logic of rarity and high characteristics; that is precisely why investment-class criteria already tighten selection.
5. ALROSA and the banks position the product as a defensive / diversifying physical asset with a dollar price logic. That is not identical to a gold ETF and does not guarantee the return of a particular lot.
6. Before a deal, look at the full cycle: stone criteria, entry price, storage, exit terms, documents — from current contracts, not from a slogan.

FAQ

What are investment diamonds? In the RF most often — natural stones of high characteristics from about 2 ct and/or fancy, plus diamond baskets in bank programmes (ADE). Not any piece of jewellery.

How to buy investment diamonds in Russia? Through a partner bank of the programme (ALROSA → bank → client scheme). Confirm the current list of banks and the catalogue with the seller.

Can one buy VAT-free? Purchase by an individual through banks in this contour is described as VAT-free. The tax regime on the date of the deal is confirmed by the bank.

What is a diamond basket? A set of about 18–22 stones of smaller mass with a shared price logic; a separate product next to a single large stone.

Is there a buyback? The ADE contour describes buyback / sale mechanisms through ALROSA if terms are met (purchase dates, type of product and others). Read the current regulation before the deal.

What to watch: the MOEX index or Rapaport? For a Russian investment product, MOEX orientations (investment stones / set) are more logical. Rapaport is useful as a background of world wholesale; RAPI 1 ct is not a quote of your ADE stone.

Are diamonds a good investment? It depends on the segment and the full cycle. Investment class and commercial are different stories. There is no universal “yes” or “no”; the material does not give a recommendation.

Why then do people write that diamond prices are falling? They often mean mass wholesale and the index 1 ct. That is not automatically the price of a rare 2 ct+ or fancy in a programme.

Can lab-grown be used as an investment? Wholesale prices of grown stones have fallen strongly as supply grew. Investment-class programmes in the RF are built around natural stones of rarity and high characteristics.

How does a purchase in a jewellery store differ? Different selection criteria, tax and bank channel, storage/buyback services. A finished piece from the counter is a different markup economy.

Bibliography

1. ALROSA / ALROSA Diamond Exclusive. Criteria of investment stones, purchase scheme, storage, buyback: https://alrosaexclusive.ru/ ; https://alrosa.ru/
2. ALROSA. “Russians have started investing in diamonds more often” (16.04.2026) and related press materials: https://alrosa.ru/
3. Moscow Exchange. Indices of investment diamonds and of a diamond set (MDIAMR2 / MDIAMD2, MDIAMR / MDIAMD): https://www.moex.com/
4. Forbes.ru. On the launch of MOEX diamond indices and the link to ALROSA products: https://www.forbes.ru/investicii/503619-korzina-brilliantov-dla-cego-mosbirza-zapustila-novye-indeksy-i-kak-budet-ih-scitat
5. Partner banks (examples of open product pages): materials on purchase through a bank, VAT-free, characteristics of investment stones.
6. Vedomosti. Context of ADE and the bank channel: https://www.vedomosti.ru/
7. Rapaport. Diamond Price Statistics Annual Report 2025; RAPI™ / RDI; investment block (1 ct vs gold): https://rapaport.com/
8. De Beers Group. Production / financial reports 2025–2026: https://www.debeersgroup.com/
9. Bain & Company / AWDC. Global Diamond Industry (barriers of transparency and liquidity): https://www.bain.com/
10. Renneboog, L., Spaenjers, C. The Returns on Investment Grade Diamonds. SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2251791
11. European Commission / AWDC. FAQs on diamond restrictions (Russia sanctions): https://finance.ec.europa.eu/ ; https://www.awdc.be/g7eu-sanctions-faq
12. Kommersant. Growth of investment-diamond sales and an estimate of capacity: https://www.kommersant.ru/
13. The Knot. Real Weddings Study — lab-grown in US bridal (context, not the RF).
14. BrillPulse. Market analysis · natural vs lab · synthetics: whether to buy.