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Large-Stone Demand Drives Alrosa Sales
Apr 11, 2018 5:57 AM
By Rapaport News
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RAPAPORT... Alrosa’s sales leaped
20% year on year in the first quarter, as demand for medium-sized and large
rough diamonds strengthened.
Total sales for the
three months ending March 31 rose to $1.61 billion, of which $1.58 billion was
from rough sales and $23.7 million from polished.
“In January to March, world markets saw higher demand for
medium-
and large-size rough diamonds compared to the same period last year,” Alrosa deputy CEO Yury Okoemov said Tuesday.
In March, Alrosa’s
sales fell 1.3% to $559.5 million compared with the same period a year ago, as
the market showed signs of slowing after a buoyant first two months. Revenue
from rough diamonds decreased 1% to $550.3 million, while polished sales
slumped 27% to $9.1 million.
Manufacturers
typically buy large quantities of rough in January and February to help
retailers fill their post-holiday inventory gaps. Even so, March sales were
higher than the previous month due to steady demand for larger stones.
“There was a slight seasonal cooling off in demand in March,” Okoemov added. “However, good results
of special-size-diamond auctions — over 10.8 carats — ensured higher sales this month compared with February 2018.”
Image: Alrosa
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Tags:
Alrosa, mining, Rapaport News, Rough Diamonds, rough sales, Russia, Yury Okoemov
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