Advanced Search

Indian Weakness Dents Alrosa Sales

Nov 12, 2018 5:45 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

Alrosa’s sales dropped 28% year on year to $242.8 million in October amid weaker demand for smaller rough stones and a slowdown in the Indian market.

Indian demand fell due to the depreciation of the rupee and tighter bank credit for manufacturers, the miner explained. “A number of minor bankruptcies” in India had a negative impact on the sector, while the period was also seasonally weak due to the Diwali festival, the company said.

Rough-diamond sales fell 28% to $233.9 million for the month, according to Rapaport calculations, while polished revenue slid 18% to $8.9 million.

The market is likely to improve from December onward, with full-year sales value set to exceed last year’s, Alrosa said. Sales rose 6% to $3.9 billion in the first 10 months of the year, with revenue from rough stones up 5% to $3.8 billion for the period, while polished-diamond sales climbed 5% to $83 million.

Image: Rough diamonds. (Alrosa)
Tags: Alrosa, polished-diamond sales, Rapaport News, Rough-diamond sales
Similar Articles
Dominion Ekati 150Dominion in Flux as CEO Resigns
Oct 20, 2020
Patrick Merrin has stepped down as interim CEO of Dominion Diamond Mines, deeming it “appropriate” to focus on his
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2020 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.