Diamond Sorting

ALROSA’S OCTOBER SALES DOWN 28% TO $242.8 MILLION

After reporting on its Q3 and first nine months’ financial performance, Russian mining giant Alrosa has now announced diamond sales results for October and the first ten months of 2018.

 

In October, Alrosa sold $242.8 million worth of rough and polished diamonds – down 28% year-on-year. The miner sold rough diamonds to the tune of $233.9 million, and a total of $8.9 million in polished diamonds. In January-October 2018, diamond sales grew 6% year-on-year and amounted to $3.9 billion. Rough diamonds were sold for $3.8 billion, while polished diamonds were sold for $83 million.

 

Alrosa’s Deputy CEO Yury Okoemov commented: “In October, demand for small-size inexpensive rough diamonds continued to remain weak. Seasonal slowdown on the threshold of Diwali, the main Indian holiday, was exacerbated by weakening Rupee/USD FX rate, a number of minor bankruptcies in India and tighter credit conditions for the cutting and polishing sector in this country”. He added that Alrosa expects the situation “to stabilize through December this year to the first quarter next year” and said that Alrosa’s 2018 sales should be higher compared to 2017.

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