Russian diamonds are back on the market with deals being done in Indian rupees instead of US dollars, report says

According to sources, Russian mining giant Alrosa is selling more than $250 million of diamonds a month.

Russia accounted for a third of the world's rough diamond supply.

As banks and traders shift transactions away from US dollars, sales are returning. The company's diamond sales are $50 million to $100 million lower than before the war.

The company has been selling diamonds to buyers in India and Europe who use the rupee as their currency.

Most of the diamonds are destined for India, where manufacturers distribute the stones to small businesses that cut and polish them, while banks feel more comfortable using alternative currencies.

Russia's renewed diamond sales haven't violated any sanctions, but the deals are still kept under wraps, as doing business with Russia attracts unwanted attention, according to a report.

The return of Russian supplies has led to a decrease in the price of diamonds.