News

Advanced Search

ALROSA Sales Lifted by Improved Rough Market

Aug 29, 2016 4:08 AM   By Rapaport News
Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... ALROSA’s revenue and profit soared in the first half, boosted by stronger global rough demand and an 11 percent weakening of the Russian ruble.

Sales in the six months to June 30 leapt 42 percent to $2.87 billion (RUB 186.67 billion), the miner reported. Diamond sales grew 45 percent to $2.7 billion, with the remainder of revenue coming from other streams such as its gas and transport divisions. Profit soared 91 percent to $1.39 billion.

Sales to Belgium, ALROSA’s biggest trade partner, jumped 40 percent, with revenue from India and Israel also increasing as the midstream replenished inventory and retailers restocked in response to strong holiday sales.

Results were “affected by the moderately steady diamond market” and a depreciation in the ruble against the U.S. dollar, said Andrey Zharkov, ALROSA’s chief executive officer (pictured). “ALROSA maintains a conservative outlook on the diamond market and executes permanent cost control,” the executive cautioned.

The market’s rebound in the first half, from a sluggish second half last year, was also reflected in sales at De Beers that jumped 8.2 percent in the six months to June 30.
Tags: Alrosa, andrey zharkov, Belgium, Boris Sinitsyn, De Beers, diamond sales, India, Israel, Rapaport News, rough, rough demand, Rough Diamonds, VTB Capital, Wiktor Bielski
Similar Articles
Lucapa Finds Large Yellow Diamond 150Yellow Diamond Weighs In as Lulo’s Largest
Jan 18, 2018
Lucapa Diamond Company recovered a 43-carat yellow diamond, the largest colored gem-quality stone it has unearthed
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.