Russian mining giant Alrosa supplies about a third of the world’s raw gems, and US sanctions against the company are causing panic in the industry.

Increased prices for fossil fuels have shifted the conversation, potentially benefitting oil and gas projects in Africa as importers scramble to diversify supply chains away from Russia.

The market is struggling to source diamonds after the US sanctioned Russia's Alrosa, which accounts for about a third of global supply. 

The diamond producer is also looking to adjust its supply chains, as Western customers want assurance that their purchases do not come from Russia.

The 228.31 carat pear-shaped stone roughly the size of a golf ball is expected to sell for up to $30 million.

SRK Consulting believes Africa can be the ‘missing resources link’ as the world prepares for an accelerating energy transition.

These diamond parcels were recovered between 2006 and 2008 from 120-cm diameter drilling programs.

Lengthy transition is likely to upset West Africa's political bloc that has called for a swift return to constitutional order.