Rapaport News




Advanced search
Latest Articles
Rough Markets
Polished Markets

Alrosa Diamond Revenue Plunges in May

Miner allows buyers to defer purchases to help market recover.
Jun 10, 2020 9:19 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Alrosa’s diamond sales plummeted 85% to $40.1 million in May as the miner allowed customers to defer purchases.

Rough sales slumped 86% year on year to $36.2 million, while polished revenues fell 22% to $3.9 million, the Russian miner reported Wednesday. However, total sales of rough and polished were still nearly triple April’s $15.6 million, showing the beginning of a rebound in demand.

“In May, our long-term clients, like earlier in April, were granted an opportunity to postpone [purchases] under long-term agreements to a later period of the year,” said Alrosa deputy CEO Evgeny Agureev. “[We] kept the same approach for [our] June trading session. We believe that our approach to avoid putting pressure on the market will accelerate recovery of the market of supply-and-demand balance.”

Total sales dropped 40% to $959.9 million in the first five months of the year, with rough revenues down 41% to $930.6 million. Polished sales rose 22% to $29.3 million, partly reflecting Alrosa’s acquisition of Russian manufacturer Kristall at the end of 2019.

The miner believes demand will pick up further before the end of the year.

“According to our estimates, buying activity [in] the midstream will resume in the middle of the third quarter,” Agureev added.

Image: Rough diamonds. (Alrosa)
Tags: Alrosa, Evgeny Agureev, Kristall, Rapaport News
Similar Articles
Petra 299ct 140Petra Rough Prices Rise to Pre-Pandemic Levels
Jan 19, 2021
Rough-diamond prices at Petra Diamonds’ January tender rose 8% on a like-for-like basis,...
Karowe Yields First Large Diamond of 2021
NGO Warns Petra Lenders About Abuse Claims
Mountain Province Output Slides in 2020
Lucapa Mothae 140Lucapa Puts Lesotho Mine on Lockdown
Jan 14, 2021
Lucapa Diamond Company will temporarily close its Mothae mine...
Firestone Faces Uncertain Future
BlueRock Sees Full-Year Sales Jump
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