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Alrosa sees gradual recovery in smaller diamond market

7th March 2019

By: Marleny Arnoldi

Online News Editor

     

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Russian diamond miner Alrosa in February sold rough and polished diamonds worth $345-million, which was up 23% compared with January’s sales of $281-million, but down significantly on the $541.9-million sold a year earlier.

Rough diamond sales in February comprised $340-million, compared with $278-million in January, while polished diamond sales comprised $5-million, compared with $3.4-million in January.

“We see Indian mid-streamers actively gradually recovering, despite some challenges that were hampering access to bank financing for the industry in India. This sentiment is particularly noticeable for small- and medium-sized rough diamonds.

“The company has moderately optimistic expectations of further smooth growth in demand and market activity,” said Alrosa CEO Sergey Ivanov in a statement on Thursday.

The value of Alrosa’s diamond sales for 2019 to date is $627-million.

Alrosa competes with Anglo American’s De Beers, which is the biggest seller of rough diamonds by value.  De Beers sold rough diamonds worth $490-million in its second cycle of the year and also reported an increase in demand from India as factories started to restock.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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