Advanced Search

ALROSA Sells Rough to Gokhran

Aug 15, 2012 8:10 AM   By Avi Krawitz
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... ALROSA sold an undisclosed amount of rough diamonds to Russia's state-owned Gokhran in the second quarter of 2012, marking ‎the first sale since the downturn of 2009, according to the company’s second-quarter ‎report. ‎

A company spokesperson declined to disclose the amount sold, but did note that  ‎ALROSA’s board had previously approved selling up to $130 million worth of rough diamonds ‎to Gokhran.

ALROSA explained that it reduced its supply to the market and sold to Gokhran after ‎witnessing its customers' acute financing problems  during the second half of 2011, ‎which led to the decline in demand for rough diamonds in the first half of 2012. By reducing its supply to the ‎market, ALROSA maintains what it calls an acceptable level of price stability during a period of lower demand, the company explained. ‎

ALROSA reported that revenue from its core business --excluding its Nyurba, Anabar, ‎Severalmaz and Catoca subsidiaries-- rose 27 percent year on year to $2.1 billion (RUB 66.42 billion) ‎in the first half of 2012. Net income fell 4 percent to $495 million (RUB 15.8 billion). ‎

Diamond sales accounted for 96.4 percent of total revenue, with 27.3 percent of its ‎diamond sales going to domestic buyers and the remainder earmarked for export,  its ‎main markets being Belgium, Israel and India. ‎
Tags: Alrosa, Avi Krawitz, diamonds, Gokhran, Rapaport
Similar Articles
Petra CullinanPetra Diamonds Notes Shaky Demand
Oct 25, 2022
Petra Diamonds has extended its latest sale after experiencing “unusual market conditions” in certain rough
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First