The panic that gripped the diamond world this year is starting to unwind as sanctioned Russian mining giant Alrosa has quietly revived exports to near pre-war levels.

Alrosa accounts for about a third of global rough-diamond supply, and the $80-billion industry was thrown into turmoil as cutters, polishers and traders hunted for ways to keep buying from Russia while their banks couldn’t or wouldn’t finance payments. The sudden shortage of stones sent diamond prices surging, especially for the smaller and cheaper gems that Alrosa specialises in.