International

Alrosa diamond sales total £310m in January

Its latest results included proceeds from rough diamond sales of $421m (£304m), and polished diamond sales of $9m (£6.5m)

Alrosa has announced that the sales of rough and polished diamonds totalled $430m (£310m) in January, in its latest set of preliminary results. 

Its latest results included proceeds from rough diamond sales of $421m (£304m), and polished diamond sales of $9m (£6.5m).

Evgeny Agureev, deputy CEO of Alrosa, said: “January sales demonstrate an improving demand for jewelry at key consumer markets – namely in China and the USA. 

“Lack of excessive diamonds stocks at the mid-stream provided an additional support for rough diamonds’ demand, as cutters and polishers enjoyed an option to purchase diamonds based on their real requirements.”

Alrosa’s latest results closely follow news that the value of rough diamond sales totalled $650m (£469m) at De Beers in its first sales cycle of 2021. 

De Beers’ latest results marked an improvement from the previous cycle’s total of $452m (£326m), as well as an improvement against Cycle 1 in 2020, where sales totalled $551m (£398m). 

In addition, both group’s results come as reports have emerged that the diamond supply chain is set to return to pre-pandemic levels between 2022 and 2024, according to Bain & Company’s annual Diamond Industry Report.

It found that rough diamond supply will continue to be stable at around 100 million carats annually over the next 10 years, while production is likely to grow by 0% to 2% annually, which will allow the supply chain to rebalance over the next three to four years.

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