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Alrosa may decrease production guidance for 2020

05 september 2019

Alrosa is ready to revise its diamond production plan for 2020 down 5-10% due to market volatility, TASS cited Sergey Ivanov as saying on the sidelines of the Eastern Economic Forum.
The head of the company said that the company cannot drastically cut the level of crystal production.
«In Alrosa we can talk about 7-10% of a production cut, no more. Now calculations are underway, because there is no use in reduction for reduction,” the agency quoted the director general as saying.
"We will see how the main sales markets will be by October - November. There are certain positive trends, we see that the number of diamonds in the system begins to decline, the demand for diamonds may grow seasonally in the fourth quarter - if not recover, or at least grow on the eve of Christmas in the United States and the new year in China. We will understand how strong the trend will be in the first quarter,’’ he added.
The company may reportedly slightly increase its sales forecast for 2019, however, such a step will be taken only if the market recovers.
The agency also said that the opening of a training program for diamond cutters in Primorsky Region could cost 200 million rubles. This was announced by Deputy Director General of the Agency for the Development of Human Resources, Alexander Logunov, in his report at the Eastern Economic Forum.
According to Logunov, the agency is ready to open such a program together with the authorities of the Primorsky Region if there are investors, since the organization of the program is estimated at 200 million rubles due to expensive equipment.

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