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Alrosa's July sales dip on lacklustre demand

12 August 2019


 

Alrosa’s diamond sales in July reached US$170.5 million, representing a drop from the previous month. It’s also the lowest-recorded revenue for the diamond miner since the start of the year. 

Latest company data showed that the figure is 23.36 percent lower from June’s US$222.4 million. In March, Alrosa sold US$377.1 million worth of rough and polished diamonds, its highest in 2019.

Total diamond sales were US$1.98 billion from January to July.

Evgeny Agureev of Alrosa commented, “A significant decline in diamond sales was attributable to a number of factors including a sizable level of diamond inventory overhang in the midstream built-up last year on abnormally high demand growth.” 

This was exacerbated by credit facility issues in the mid-stream as well as trade tensions between the US and China, the company official added. 

“Alrosa’s price over volume strategy meanwhile offers more flexibility and accuracy when it comes to defining sales, hence holding back pressure on the market,” noted Agureev. “Recent statistics on imports of rough diamonds and exports of polished diamonds, to and from India respectively, suggest that the diamond market is gradually coming back to supply-demand balance.” 

 

Alrosa's rough and polished diamond sales from January to July 2019

Products

January

February

March

April

May

June

July

Rough diamonds and grinding powders, $ mln

278.2

340.6

369.2

315.8

261.1

219.3

164.6

Polished diamonds, $ mln

3.4

5.0

8.0

2.9

5.0

3.1

5.9

Total rough and polished diamonds, $ mln

281.6

345.6

377.1

318.7

266.0

222.4

170.5

Source: Alrosa