ALROSA's September Rough Sales Affected By Early Diwali
October 10, 17
(IDEX Online) – ALROSA sold $305.8 million of rough diamonds last month, and $3.289 billion in the first nine months of this year, the mining giant announced.
Trading activity in September remained at the level of the previous month, with the increase in sales compared to August this year being mainly due to the bigger volume of sales of rough diamonds over 10.8 carats at auctions, and some increase in sales on the spot market, the firm said in a statement.
"The decline in sales in September compared with the same month in 2016 is due to lower activity level in the market, particularly caused by the early beginning of the Diwali festival in India this year, for which reason many factories are closed for a long period. However, we expect a traditional revival of the market situation in the fourth quarter as the industry starts to prepare for the winter holiday season," said ALROSA Vice President Yury Okoyomov.
In September 2017, ALROSA sold polished diamonds with a value of $3.9 million, while polished sales amounted to $68.1 million in the January-September period.