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Alrosa’s Q2 Profit Up 26% as Market Recovers “Faster than Predicted”

Alrosa raked in a net profit of $411 million in Q2
Alrosa's Diamonds
Credit: ALROSA

Russian mining giant Alrosa raked in a net profit of $411 million in the second quarter of 2021 – a rise of 26% quarter-on-quarter, Mining Weekly reports.

 

230 carat diamond Russian miner Alrosa
Credit: Alrosa

 

Alexey Philippovskiy, Alrosa’s CFO, said in a statement that demand for diamond jewellery continued to recover in the second quarter, adding: “Our outlook for the end-consumer market remains positive. The market is recovering faster than we predicted.” Philippovskiy also said that diamond supply is 20% below pre-pandemic levels “and global production is unlikely to bounce back in the medium term.”

 

Mirny Diamonds
Credit: Alrosa

 

The Russian miner is on track to produce 31.5 million carats this year, with “an optimistic scenario” of additional 5% growth.



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