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Alrosa Upbeat on 1Q Diamond Retail Market

Consumer sentiment and currency fluctuations drive 7% growth, miner says.
Jun 24, 2018 5:39 AM   By Rapaport News
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RAPAPORT... Diamond-jewelry sales grew 7% in the main retail markets during the first quarter amid strong consumer sentiment and beneficial fluctuations in exchange rates, according to Alrosa.

Revenues increased 5% year on year in the US and Canada, the largest consumer market, the Russian miner said Friday. Sales in the Asia-Pacific region jumped 11%, with strong growth in mainland China, Hong Kong and South Korea — the last two due to a rise in tourist numbers. Japan saw a 7% improvement in dollar terms as the weaker yen attracted an influx of Chinese shoppers, Alrosa explained.

Sales in India were stable as improvements at large retailers offset a weaker performance by small chains and independents. In Europe, revenues climbed 14%, buoyed by the relative strength of the euro against the dollar during the quarter, Alrosa said.

The global luxury market grew 13% during the period, the report continued. Asia Pacific led the increases with a 20% rise, followed by Europe at 18%, the producer added.

Alrosa based its data on figures from retailers and national statistics, it said.

Image: Hadrian/Shutterstock
Tags: Alrosa, asia pacific, Asia-Pacific, Canada, China, Consumer sentiment, currency, Europe, Hong Kong, Japan, Jewelry, Rapaport News, retail, Russia, South Korea, US
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