Alrosa Group announced it has “virtually stopped” selling rough and polished diamonds in light of the ongoing pandemic, though it has “remained committed” to its price over volume strategy.
The world’s largest diamond miner by volume still sold $15.6m (£12.7m) worth of rough and polished diamonds in the month.
Revenue from rough diamond sales was $13.1m (£10.6m), while revenue from polished diamond sales was $2.4m (£1.9m).
In addition, the group’s total rough and polished diamond sales between January and April 2020 amounted to $919.8m (£747m) in total.
In its latest update, the group said that restrictions imposed to fight the pandemic and a decline in demand for diamond jewellery have both “minimised the trade in rough and polished diamonds across the world”.
Nonetheless, the group added that the “challenges and restrictions” faced by the diamond and the effect on demand are “of a temporary nature”.
Alrosa also expects to see an upward trend in demand for diamonds as early as the beginning of the third quarter of the year.
Evgeny Agureev, deputy CEO of Alrosa: “In response to the situation, we have offered to our clients an option to buy the amounts of rough diamonds scheduled for April on a later date. Our customers have welcomed this opportunity.”
“In the current environment, market players have to address the overstocking issue in midstream and act in line with the actual condition of the cutting sector. This is the tactics we adhere to.”