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ALROSA diamond sales continue to slow down in Q3

17 october 2019

alrosa_logo.jpgALROSA, a global leader in diamond production, reports operating results for the Q3 quarter and 9 months of 2019.
Despite the fact that diamond production in the 3rd quarter of 2019 increased by 15% compared to the previous year to 12.1 million carats, diamond sales of the company continue to decline. This figure for the Q3 fell by 23% compared to the previous quarter and by 5% compared to the previous year to 6.4 million carats. The company reports that this was due to reduction in stocking by cutters and retailers.
Total sales in value terms amounted to $0.6 billion.
In Q3, revenue from diamond sales decreased by 24% compared to Q2 and by 34% compared to 2018, to $601 million, while in 9M this figure fell by 34% compared to the previous year, to $2,386 million.
Sales for 9M decreased by 13% year on year to 25.3 million carats, which was mainly due to a decrease in sales of gem-quality stones. This result also decreased by 14% compared to last year.
The launch of new production  and expansion of the existing ones had an impact on production growth over 9M by 12% compared to 2018, to 29.7 million carats.
Ore and gravels processing in Q3 grew seasonally by 64% compared to the previous quarter and stood flat year on year, amounting to 17.2 million t. Over 9M, the indicator grew by 3% compared to 2018, up to 34 million t mainly due to the launch of production at the V.Munskoye deposit and increased productivity at the Nyurba and Udachny Division’s processing plants.
Ore and gravels inventories at the end of Q3 seasonally decreased by 26% compared to the previous quarter, however, the indicator increased by 9% compared to the previous year, up to 23.6 million t.
Q3 average diamond grade stood at 0.71 carats per t, which shows a seasonal decrease of 24%. At the same time, compared with 2018, this indicator grew by 16%. The average diamond grade in 9M increased by 9% year-on-year to 0.87 carats per ton of ore due to an increase in the share of high-grade ore processing at the Botuobinskaya pipe.
Diamond inventories at the end of the 3rd quarter increased by 36% compared to the previous quarter and by 40% compared to 2018 to 21.7 million carats, both against the background of a decrease in sales volumes due to both seasonal production growth at alluvial deposits and weaker sales.
Q3 2019, average realised prices for gem-quality diamonds rose 4% compared to Q2 and fell by 32% compared to the previous year, amounting to $135 per carat of diamonds, amid an increase in the share of sales of medium and large stones.
The diamond price index in Q3 decreased by 3% compared to the previous quarter, since the beginning of the year the index decreased by 7.5%.
The company also said that the second half of Q3 2019 saw an upward trend in rough diamond sales after a turning point in destocking, thus creating a basis for the market recovery in the future.

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