Our History

In 1992, the “Agreement on the relationship between the Governments of the Russian Federation and the Republic of Sakha (Yakutia) on economic issues” was passed and our region was given the right to create an independent fund of diamonds and gold. This document empowered the Republic to manage its own financial resources, marking a new chapter in the development of our northern region.

The Committee for Precious Metals and Precious Stones of the Republic of Sakha (Yakutia) (Komdragmetall) was created out of the Ministry of Finance’s Committee on Precious Metals, Stones and Currency, which itself came into existence by the decree of the President of the Republic of Sakha (Yakutia).

The most important moment for our organization was when the government gave Komdragmetall full autonomy in operations regarding the purchase, processing, and sale of precious metals, stones and the resulting jewelry.

The profits from these operations were used at the discretion of the President and government of the Republic of Sakha (Yakutia) to support the national budget and various sectors of the economy. It is no secret that the 90s were a difficult time not only for the Yakutia, but for Russia as a whole.

Since 1994, Komdragmetall has participated in financing from Russian Government funds allocated to the development of the Republic of Sakha (Yakutia) for the rehabilitation of destroyed ecosystems and financial compensation for damages associated with the violation of traditional ways of life of the indigenous peoples.

Another important moment in our history was the signing of an agreement between the Russian Federal Government and the Republic of Sakha (Yakutia) which allowed Komdragmetall the right to buy precious stones from Alrosa JSC, as well as precious metals from several gold mining enterprises in Yakutia.

In the beginning, there were only 14 people on staff. The small team, headed by the Deputy Minister of Finance, Karl Innokentyevich Vasiliev, had a difficult task ahead of them: to create an organization from scratch and to master a new and technically complex sphere of activity in order to lay the foundations of the government’s diamond business in the Republic.

Now, nearly three decades later, and largely thanks to the work of that small team, Komdragmetall is a major player in the diamond market. Another contributing factor to our success was the attention given to us in decisions made by the government. In particular, the trade agreement between Russia and the De Beers group, and the law entitled “On precious metals and Stones.”

Besides capital investment in the modernization of the industry and growth of diamond reserves, Komdragmetall actively invests in government programs for various social projects. In order to protect the heritage of the people of Yakutia, Komdragmetall created the State Precious Metal and Stone Reserve which acts as the Treasury of the Republic of Sakha (Yakutia).

Great museum collections often take centuries to amass, but after only 20 years Yakutia has reason to be proud of its collection. On display now is the “Treasury of the Republic of Sakha (Yakutia)” exhibition, a priceless collection of diamonds, gold, silver, and platinum. It contains numerous gemstones, chrome diopside (artificial emerald) and charoite (a stone unique to Sakha), and artistic masterpieces made by highly talented and skilled Yakutian artisans.

It has been many years since Komdragmetall worked exclusively with diamond mining. Today, Komdragmetall has activities in more than 20 wide ranging enterprises, from jewelry cutting, to mortgage lending, from construction to food production, just to name a few.

Currently, Komdragmetall is a diversified holding group that is one of the core budgetary enterprises of the Republic of Sakha (Yakutia).