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ALROSA October Sales Hit $431M

Nov 15, 2016 9:57 AM   By Rapaport News
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RAPAPORT... ALROSA said rough diamond sales totaled $430.8 million in October as demand remained strong despite disruptions caused by the Diwali festival in India.

The revenue represents a decline from $435.1 million a month ago but is still relatively high for this time of year. October is seasonally slower because Indian manufacturers limit rough buying so they are not overstocked during the long factories closures at Diwali time.

“Demand remained strong in October even on the threshold of the holiday season during the celebration of Diwali in India – the largest cutting and polishing center,” says Yury Okoemov, the Russian miner's vice-president (pictured).

Separately, ALROSA’s polished sales were $8.2 million, meaning total diamond sales in October stood at $439 million.

This follows a report from rival diamond miner De Beers saying the company sold $470 million of rough in its November sales cycle, the smallest sight so far in the year.
Tags: Alrosa, De Beers, Diwali, India, Rapaport News, rough diamond, Rough Diamonds, Rough markets, Yury Okoemov
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