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Alrosa Sales Drop Due to Early Diwali

Oct 15, 2017 7:50 AM   By Rapaport News
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Alrosa’s sales fell sharply in September as Indian cutting factories prepared to close ahead of the Diwali festival this month, the miner said last week.

Total rough- and polished-diamond sales dropped 32% year on year to $309.7 million, based on a comparison with figures Alrosa reported for September last year. September sales this year were 20% higher than the previous month.

Rough-diamond revenue dropped 30% year on year to $305.8 million in September, while sales of polished fell to $3.9 million from $18.9 million, the company reported.

Alrosa attributed the decline to factories closing for a long period due to the Diwali festival in India occurring earlier than usual this year.

“However, we expect the traditional revival of the market situation in the fourth quarter as the industry starts to prepare for the winter holiday season,” said Alrosa vice president Yury Okoyomov.

In the first nine months, sales amounted to $3.36 billion. Rough sales were $3.29 billion and polished sales were $68.1 million.

Meanwhile, Alrosa announced plans for an auction of rough diamonds weighing more than 10.8 carats in Vladivostok from October 16 to 27. The miner is offering 72 gem-quality lots with a total weight of 1,170 carats, the largest weighing 47.55 carats.

Image: Alrosa
Tags: Alrosa, Diwali, India, Rapaport News, rough sales, Vladivostok, Yury Okoyomov
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