News Bureau

Alrosa October sales worth $242.8mn

Alrosa, the world’s largest diamond miner, announces diamond sales results for October and ten months of 2018. In October, Alrosa Group sold $242.8 million worth of rough and polished diamonds (-28% YoY). Rough diamond sales by value amounted to $233.9 million, polished diamond sales – $8.9 million.

Alrosa’s total diamond sales in January-October 2018 grew 6% YoY and amounted to $3.9 billion. During the ten months of 2018, rough diamonds were sold for $3.8 billion, polished diamonds – for $83.0 million.

“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, says Alrosa Deputy CEO Yury Okoemov.

“We expect the situation to stabilize through December this year to the first quarter next year; rough diamond sales are expected to be in the range of 37-38 million carats. In value terms, our 2018 sales should be higher compared to the last year results”.

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