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ALROSA’s diamond sales halved in July

09 august 2019

ALROSA Group’s July 2019 sales of rough and polished diamonds accounted to $170.5 million in value terms, according to a press release distributed by the company on Friday. Rough diamond sales were $164.6 million, polished diamond sales came at $5.9 million.
Compared with the diamond miner’s sales in July 2018, which amounted to $339.1 million, this year's indicator decreased by half - due to a decline in rough sales, which plummeted by 50.6% compared to July 2018, when the company netted $ 333. 8 million from rough sales. Polished sales in July of this year increased by 11.3% (from $ 5.3 million in 2018) but turned out to be weak compensation for the decrease in the sales of underlying goods.
“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 factor was exacerbated by a low availability of credit facilities issue experienced by the mid-stream, trade tensions between USA and China, and other factors,” explained Evgeny Agureev, Director of the United Selling Organization ALROSA, member of the Executive Committee adding that ALROSA’s price over volume strategy offers more flexibility and accuracy when it comes to defining sales, hence holding back pressure on the market. “Recent statistics on the net imports of rough diamonds to India and net export of polished diamonds from this country suggest that the diamond market is gradually coming back to supply-demand balance,” he said in conclusion.
According to Finmarket, ALROSA shares on the Russian stock market fell in price and on Friday were worth just over 74 rubles per share.

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Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg