Alrosa Revenue Slumps in February

RAPAPORT… Sales at Alrosa fell 36% year on year to $345.6 million
in February as a slowdown in the rough market continued.

Rough-diamond sales dropped 36% to $340.6 million
for the month, according to Rapaport calculations based on Alrosa reports.
Polished revenues slid 45% to $5 million. Overall demand has improved versus
January, however, with total sales up 23% month on month, the Russian miner said.

“We see Indian midstreamers’ activity gradually recover,
despite some challenges hampering access to bank financing for the industry in
[that] country,” said Alrosa CEO Sergey Ivanov. “This sentiment is particularly
noticeable for small- and medium-sized rough diamonds. The company has
moderately optimistic expectations of further smooth growth in demand and
market activity.”

Alrosa’s rough-and-polished sales slumped 40% to $627
million for the first two months of the year combined. Demand is usually strong
during that period, as dealers and retailers restock after the holidays.

Image: Alrosa’s International mine. (Alrosa)