Covid Recovery: Alrosa Sells $216m in August
September 10, 20
(IDEX Online) - Alrosa reported its best monthly sales figures since February, with a $216.7m total for rough and polished.
Between April and July monthly sales averaged just over $30m.
The recovery has been sparked by increased demand, especially in the US and China, and the company's offer to buyers of greater flexibility during the coronavirus pandemic.
The Russian state-owned miner said last month that it sold 1,700 carats of special-size rough diamonds (+10.8 carats) during its August digital auction.
It has also reportedly discounted prices and allowed zero buyouts.
For eight months of 2020, total rough and polished diamond sales accounted for $1.244m, including $1.180m of rough diamond sales and $63.6m of polished.
"Given that demand for diamond jewelry is gradually recovering in recent months, specifically in the U.S. and China, and diamonds' stock levels keep declining at both retail and midstream, we see the demand for rough diamonds is picking up, which is a good sign as we approach seasonal growth in market activity in Q4," said deputy CEO Evgeny Agureev.
"Hopefully the support we offered our long-term clients in March-August has a positive effect on restoring the supply/demand balance and helps the diamond market to overcome the most challenging period."