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ALROSA Caps 2016 Output to Reduce Stocks
Jan 30, 2017 9:36 AM
By Rapaport News
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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.
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Tags:
Alrosa, Igor Kulichik, inventory, Production, Rapaport News, Rough Production, stockpiles
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