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Alrosa Revenue Slumps in February

Revenue down 36% for the month.
Mar 7, 2019 10:56 AM   By Rapaport News
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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)
Tags: Alrosa, Rapaport News, rough, Rough Diamonds, rough market, Sergey Ivanov
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