Eroza, a jewelry "giant" closely related to Putin

When it comes to Russian jewelers, it's hard to avoid Eroza, the world's largest diamond mining company. Over 90% of Russia's diamonds and 28% of the world's diamond production come from its mines. Even during the Russia-Ukraine conflict, a large number of diamonds were still being mined from the company's mines. 33% of Eroza's shares are held by the Russian government, and 33% of the shares are held by the Yakut government. Since 1992, its headquarters has been located in Milny. Nowadays, the leader of the enterprise is Sergei S. Ivanov (who is also a member of the board of directors of Gazprom). His father is Sergei Borisovich Ivanov, who is considered to have a very close relationship with Russian President Putin. He worked with Putin in the KGB and served as the Minister of Defense from 2001 to 2007. Since 2016, he has been serving as the Special Representative of the President of Russia on Environment, Ecology, and Transport.

Sergei Borisovich Ivanov was born in 1953, and the following year, the first Kimberlite mine (from which diamonds can be extracted) was discovered in the Soviet Union. A year later, this type of mineral was also produced in the city of Milny, but it was not until 1959 that the first batch of Russian produced diamonds were put on the market. In 1992, after the dissolution of the Soviet Union, Almazy Rossii Sakha Joint Stock Company was born and later renamed Ojsc Alrosa. Over time, the company's diamond production continued to increase, ultimately breaking the world record for diamond production. This was also due to Russia's overseas mining activities, such as the successful operations in Zimbabwe and Angola.

In 2021, the mining volume of Eroza diamonds reached 32.4 million carats, with sales reaching 4.2 billion US dollars, thanks to a 42% increase in rough diamond sales and a 13% increase in gemstone price index. Most importantly, the increase in jewelry purchases in the United States and China is leading the recovery of the global luxury goods market.