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Alrosa Benefits from Rough Market Recovery

Dec 11, 2017 4:03 AM   By Rapaport News
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RAPAPORT... Alrosa’s sales spiked in November as the rough-diamond market recovered from a downturn it had experienced a year earlier.

Sales grew 36% to $334.2 million compared with November 2016, when the Indian government’s demonetization policy negatively impacted liquidity and damaged rough demand, especially in the lower-value categories. Rough sales amounted to $325.8 million last month, while polished sales stood at $8.4 million, the Russian miner said last week.

“Sales in November were consistent with our expectations,” Alrosa vice president Yury Okoemov said. “The core sales markets displayed strong demand for rough diamonds.”

In the first 11 months of 2017, the miner sold $4.03 billion worth of diamonds, with $3.94 billion of its revenue coming from rough and $87.4 million from polished. The company did not provide comparative figures for last year.
Tags: Alrosa, Demonetization, India, Liquidity, Rapaport News, Rough Diamonds, rough sales, Yury Okoemov
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