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The secondary diamond market in Russia is not mature although its prospects are huge

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15 june 2020

ALROSA’s Severalmaz cuts production

05 june 2020

        Image credit: ALROSA

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, said the company.
"Processing was suspended on May 16. It is expected to resume for three months starting July 1 and then be suspended again until the year end. Mining operations were suspended on May 12, with the resumption scheduled for November 1," it said.
Most of the Severalmaz employees, except for the skeleton staff, have had to go on downtime while still receiving payments under the collective agreement, others are on rotation leave.
In 2019, production at Severalmaz totalled approximately 4.2 m carats. In Q1 2020, the division produced 1.04 m carats of diamonds, which accounted for 13% of ALROSA Group’s total output.
Earlier it was also reported that ALROSA intends to reduce production in 2020 to 28-31 million carats compared to the initial plan of about 34 million carats due to the crisis in the global diamond market.
Following the suspension of operations at Zarya and Aikhal, the Company’s management took a decision to halt commercial production at the Verkhne-Munskoye deposit. All operations at the deposit are set to be closed. Mining is expected to resume on October 1, 2020.

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