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Alrosa Sales Continue Upward Trend
Nov 10, 2020 10:36 AM
By Rapaport News
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RAPAPORT... Alrosa’s sales exceeded 2019 levels for the third consecutive month in October as the diamond market improved ahead of the holidays.
The Russian miner saw sales of $310 million for the month, it said Tuesday — 17% higher than the $264.4 million it reported a year earlier. Rough sales rose 18% to $299.3 million, while polished revenue grew 3% to $10.7 million.
“In October, demand for rough and polished diamonds continued its gradual recovery, a trend seen since August, as cutters and jewelry retailers replenished their stock of end products and raw materials before the festive season,” said Alrosa deputy CEO Evgeny Agureev.
The company did not hold its scheduled contract sale during the month, aiming to avoid an oversupply of goods in the market, but its September trading session ran into early October. The sales total includes part of that September sale, as well as auctions that took place in October. The November session is already in progress.
“Alrosa has responded to a changing market environment and customer demands by altering the usual rhythm of its monthly trading sessions, making them no longer inextricably tied to specific calendar months,” Agureev added.
Diamond sales fell 30% to $1.89 billion in the first 10 months of the year, reflecting weak demand from March to July due to the coronavirus pandemic. Revenue from rough dropped 32% to $1.81 billion, with polished sales jumping 74% to $82.1 million following the acquisition of diamond manufacturer Kristall in late 2019.
image: Rough diamonds at the Mirny sorting center. (Alrosa)
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Tags:
Alrosa, Coronavirus, COVID-19, Evgeny Agureev, Kristall, mining, pandemic, polished, Rapaport News, rough, Rough Diamonds, rough sales, Russia
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