News

Advanced Search

ALROSA Caps 2016 Output to Reduce Stocks

Jan 30, 2017 9:36 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
ALROSA’s production fell 2 percent to 37.4 million carats last year in line with the miner’s plan to keep inventory in check.

The company reduced output from alluvial deposits in the second and third quarters in order to align with the diamond market environment in 2015, it said. Fourth-quarter production increased 10 percent to 9.5 million carats driven by higher production at its underground mines.

ALROSA’s objective in 2016 was to reduce its 22 million carat stockpile with which it started the year, chief financial officer Igor Kulichik said in May. Rough inventory ballooned in 2015 following a slump in rough demand due to oversupply of polished and inflated rough prices.

The company's inventory was reduced by about 2.9 million carats as sales volume increased 34 percent to 40.1 million carats during the year. By value, rough-diamond sales exceeded $4.3 billion, implying 25 percent growth from 2015 based on Rapaport records.
Tags: Alrosa, Igor Kulichik, inventory, Production, Rapaport News, Rough Production, stockpiles
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
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© 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.