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ALROSA Keeps Rough Prices Unchanged at March Sale
Mar 22, 2016 3:55 AM
By Rapaport News
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RAPAPORT... ALROSA held rough prices stable for the sixth month running
at its March contract sale as demand for the miner’s goods remained strong.
“ALROSA has not changed the prices for rough diamonds at the
March trading session,” a company spokesperson said in an email to Rapaport
News. “Thus, ALROSA prices remain unchanged since last year.”
The Russia-based miner last adjusted prices in September, when
it reduced them by 8 to 10 percent. The company kept
prices steady in January despite De Beers reducing
prices that month.
A source told Rapaport News
demand at the latest trading session was largely in line with January and
February following positive U.S. jewelry sales over the holiday period and amid
strong demand for polished diamonds of less than 1 carat.
“Cutters’ stocks of these polished diamonds are being reduced, which has
an effect on rough diamond purchases,” the source added.
ALROSA’s January and February sales of about $780
million, a similar level to the same period a year ago, have helped the
miner reduce stock, company president Andrey Zharkov said on a call to Russian
media last week. Inventory soared 79 percent to $843.8 million (RUB 57.38
billion) in 2015.
Production in 2016 is currently
forecast at 39 million carats but could be revised after the results of the
first quarter are reviewed, the miner said.
The news
comes after ALROSA reported
an 8.4-percent increase in revenue and swung to a profit in 2015 as the miner
benefited from the weaker rouble.
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Tags:
Alrosa, ALROSA sales, mining, Rapaport News, rough, Rough Diamonds, Russia
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