International

Alrosa sales tumble in June

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.

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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.”

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