ALROSA's net profit for the first quarter fell 87% y-o-y

ALROSA’s net profit for the 1st quarter of 2020 under IFRS amounted to 3 billion rubles, which is a 74% drop from 11.7 billion rubles compared to the previous quarter and fall of 87% compared to last year due to non-cash factors.

Yesterday

Indian diamond manufacturers urged not to import rough diamonds in June

At present, about 30 per cent diamond manufacturing units in Surat have resumed operations, due to shortage of workers.

Yesterday

Angola H1 diamond revenue falls

Angola’s diamond revenue has dropped in the first half of the year, according to the governor of the National Bank of Angola, José de Lima Massano.

Yesterday

ALROSA’s Severalmaz cuts production

PJSC Seralmaz, part of the ALROSA Group, will reduce production at its Lomonosov Division in 2020 due to the closure of the Group’s key sales markets and a slump in demand for diamonds amid the coronavirus pandemic.

Yesterday

Titan to record decreased profit for 1H due to COVID-19

Tata Group company Titan recently announced that the company’s operating cash flow was negative in the last two months due to virtually zero sales in the first six weeks of lockdown.

Yesterday

Climate Change Threatens Ice Roads. Satellites Could Help

13 may 2019

(wired.com) – For a few months each winter, Canada’s Tibbitt to Contwoyto Winter Road is the world’s longest ice highway, a 300-plus-mile network of frozen lakes that connects lucrative diamond mines in Canada’s Northwest Territories to supplies from the nation’s not-quite-so-far north. But warmer winters and earlier springs have shortened the road’s open season by up to two weeks over the past decade. The loss of the road for even such a short time is very expensive, because the only other way to reach these mines is by air.