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ALROSA Sells Rough to Gokhran

Aug 15, 2012 8:10 AM   By Avi Krawitz
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RAPAPORT... ALROSA sold an undisclosed amount of rough diamonds to Russia's state-owned Gokhran in the second quarter of 2012, marking ‎the first sale since the downturn of 2009, according to the company’s second-quarter ‎report. ‎

A company spokesperson declined to disclose the amount sold, but did note that  ‎ALROSA’s board had previously approved selling up to $130 million worth of rough diamonds ‎to Gokhran.

ALROSA explained that it reduced its supply to the market and sold to Gokhran after ‎witnessing its customers' acute financing problems  during the second half of 2011, ‎which led to the decline in demand for rough diamonds in the first half of 2012. By reducing its supply to the ‎market, ALROSA maintains what it calls an acceptable level of price stability during a period of lower demand, the company explained. ‎

ALROSA reported that revenue from its core business --excluding its Nyurba, Anabar, ‎Severalmaz and Catoca subsidiaries-- rose 27 percent year on year to $2.1 billion (RUB 66.42 billion) ‎in the first half of 2012. Net income fell 4 percent to $495 million (RUB 15.8 billion). ‎

Diamond sales accounted for 96.4 percent of total revenue, with 27.3 percent of its ‎diamond sales going to domestic buyers and the remainder earmarked for export,  its ‎main markets being Belgium, Israel and India. ‎
Tags: Alrosa, Avi Krawitz, diamonds, Gokhran, Rapaport
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