ALROSA is known to be the largest diamond miner, all across the world. ALROSA reported diamond sales done in the month of April. By sticking to its price over volume strategy, the group went ahead with restricted diamond sales. The governments were all busy with handling the coronavirus spread.
In the month of April 2020, ALROSA group sold polished and rough diamonds worth $15.6 million. The revenue worth $13.1 million was generated.
In the month of January, ALROSA reported rough and polished diamond sales worth $919.8 million. From January to April, rough diamonds had total sales worth $894.4 million while polished diamonds had $25.4 million of total sales.
Evgeny Agureev, Deputy CEO of ALROSA:
“Restrictions imposed to fight the coronavirus and a decline in the demand for diamond jewellery have minimised the trade in rough and polished diamonds across the world. In response to the situation, we have offered our clients an option to buy the amounts of rough diamonds scheduled for April on a later date. Our customers have welcomed this opportunity. In the current environment, market players have to address the overstocking issue in midstream and act in line with the actual condition of the cutting sector. These is the tactics we adhere to.
Nevertheless, one should bear in mind that the challenges and restrictions faced by the market and affecting both operations and demand are of a temporary nature. We deal with a rare and limited natural resource, and consumers attach a high emotional value to natural diamonds. Like many other market players, we expect to see an upward trend in demand for diamonds as early as at the beginning of Q3.”
ALROSA Group’S rough and polished diamond sales in 2020
*All figures factor in ALROSA Group’s integration of Kristall Production Corporation