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ALROSA’s Second-Quarter Sales Buoyant
Jul 21, 2016 3:53 AM
By Rapaport News
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 RAPAPORT... ALROSA’s rough diamond sales surged in the second quarter driven by a higher volume of gem-quality goods.
Revenue climbed to at least $1.2 billion , the Russian miner said, up 19 percent from the value reported a year earlier. Sales volume jumped 7 percent to 9.6 million carats, with gem-quality sales surging 27 percent, while industrial-quality goods slumped 26 percent. The average price across the quality range advanced 12 percent to $127 per carat, according to Rapaport estimates.
The company previously explained an improvement in demand for rough diamonds enabled it to reduce the inventory build-up from when the market slumped in the second half of last year. However, demand is expected to slow in the second half of this year as manufacturers noted polished trading remains sluggish.
Demand for ALROSA’s rough was “slightly down” at the company’s July sale and there is a sense “the market has started to cool down,” wrote Guy and David Harari, owners of Bluedax, an online rough broker.
ALROSA has revised down its production plan for 2016 to 37 million carats, from 39 million carats. Output dropped 6 percent to 16.9 million carats in the first half.
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Tags:
Alrosa, diamonds, Jewelry, Rapaport News, Russia
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