Diamond mining giant Alrosa saw sales plummet 86% year-on-year to $31.3m (£25m) in the month of June, attributing the fall to delayed purchases from customers.
Rough sales crashed by 89% to $24.8m (£19.8m) in the period, down from the $36.2m (£29m) reported in May.
Polished revenues, however, soared to $6.5m (£5.2m), up from $3.1m (£2.47m) the year prior. This in part reflected the group’s acquisition of Russian manufacturer Kristall at the end of 2019.
Total diamond revenues for the first six months of 2020 dropped 45% year-on-year to $991.1m (£791.3). Total rough sales fell 46% to $955.3m (£763m) , while total polished sales rose 31% to $35.8m (£28.6m).
Alrosa deputy CEO, Evgeny Agureev, said: “June sales were expectedly low, as we continue making every effort to maintain stability of the diamond industry and support our customers.
“In June, for the third time in a row, we offered our long-term customers unprecedentedly flexible sales conditions, including the opportunity to defer purchasing contracted volumes.”
He added: “Alrosa will use all its armor and resources to balance the supply of diamonds with confirmed demand and to avoid putting pressure on the market, which shows signs of recovery.”