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ALROSA Sales Rise as Rough Demand Returns

Jan 11, 2017 7:54 AM   By Rapaport News
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RAPAPORT... ALROSA’s diamond sales jumped 26 percent to $4.49 billion in 2016, reflecting a recovery in the rough market, according to the miner’s preliminary results.

The increase came despite a slowdown in the final two months when India's demonetization policy impacted liquidity for small rough diamonds. ALROSA's December sales totaled $176.3 million, with rough revenue coming in at $173 million and polished sales at $3.3 million, the company reported. This compares with $255.2 million of combined sales recorded in November.

"Sales results in December in the small-size segment still reflect weakening of small and middle-size Indian diamond-cutting companies due to the monetary reform underway in this country," said Yury Okoemov, ALROSA’s vice-president (pictured). "Activity in other market segments corresponded to the seasonality of demand and our expectations." 

ALROSA’s full-year growth in revenues follows rival miner De Beers 36 percent jump in rough sales to $5.58 billion over the same period, based on calculations by Rapaport News.

The rebound follows a 36 percent plunge in rough sales last year at De Beers. ALROSA's diamond sales in 2015 climbed 9 percent, helped largely by a notable depreciation in the ruble relative to the dollar.

ALROSA is scheduled to release its full-year results on March 16.
Tags: Alrosa, mining, Rapaport News, rough, Rough Diamonds, rough sales, Russia, Yury Okoemov
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