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RAPAPORT... ALROSA's rough diamond production fell 7.5 percent year on year to 7.48 million carats for the first quarter that ended on March 31. However, rough and polished diamond sales in the first quarter jumped 5 percent to $1.22 billion. ALROSA stated that market conditions favored higher rough demand as global supplies decreased. ALROSA's executive committee met today to review the first quarter results and the implementation of its consolidated budget. Having ''insignificantly adjusted'' rough diamond prices in the first quarter, ALROSA fixed its current cost levels of rough diamonds as demand moderated in April, according to the meeting minutes. Capital investments amounted to $128 million (RUB 4 billion), with $57 million (RUB 1.8 billion) for construction of underground mines at Mir, Aikhal and Udachny. Geological and onsite exploration operating expenses accounted for almost $43 million (RUB 1.33 billion). ALROSA reported that its rough diamond reserves grew by 13.6 million carats during the period due to exploration at its operating mines as well as those being prepared for production.
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