RapNet


Rapaport News

 

Rough Markets

 
Rapaport Broadcast
Rapaport’s ‘State of the Diamond Industry’ Address
June 08 2020

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Alrosa Sales Nearly Wiped Out in April

Revenues hit record monthly low of $15.6 million.
May 12, 2020 11:34 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... 
Alrosa’s diamond sales plummeted 95% to $15.6 million in April, the lowest on record, as customers deferred purchases until the market improves.

Rough sales slumped 96% to $13.1 million, while polished revenues fell 17% to $2.4 million, the Russian company reported Tuesday.

“In response to the [coronavirus] situation, we have offered to our clients an option to buy the amounts of rough diamonds scheduled for April on a later date,” said Evgeny Agureev, Alrosa’s deputy CEO. “Our customers have welcomed this opportunity.”

Alrosa “virtually stopped selling rough and polished” in April amid the global fight against COVID-19 and its strategy of maintaining prices rather than selling large volumes, the company explained. Members of the diamond trade have focused on avoiding an oversupply in the midstream, it added.

“Nevertheless, one should bear in mind that the challenges and restrictions faced by the market, and affecting both operations and demand, are of a temporary nature,” Agureev stressed. “Like many other market players, we expect to see an upward trend in demand for diamonds as early as in the beginning of [the third quarter].”

Total sales fell 30% to $919.8 million in the first four months of the year, with rough revenues down 31% to $894.4 million. Polished sales rose 32% to $25.4 million, partly reflecting Alrosa’s acquisition of Russian manufacturer Kristall at the end of 2019.

Image: Rough diamonds. (Alrosa)
Tags: Alrosa, Coronavirus, COVID-19, mining, Rapaport News, Rough Diamonds, rough sales
Similar Articles
Gem Diamonds LetsengGem Diamonds Notes Solid Rough Demand
Jun 18, 2020
Gem Diamonds reported a rise in the average selling price for...
De Beers Sight Opens with Viewings in Antwerp
Angola Plans Trading Hub to Support Sales
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us