Alrosa's March Sales Dip Slightly to $345m
April 11, 21
(IDEX Online) - Alrosa announced total sales of $345m in March, down slightly on the previous month ($372m), but still in line with its expectations amid ongoing consumer demand.
Revenues from rough and polished diamonds were more than double those of March 2020, when the global pandemic struck, and sales dipped to $153m.
The Russian state-owned miner said stocks of polished diamonds stocks were at a "comfortable" level, but rough stocks were approaching low levels.
Its sales - $345m of rough and $12m of polished - were lower than those of its main rival De Beers, which sold $440m of rough at its March sight.
Last month Alrosa has announced a second extension - until June 2021 - to existing three-year rough diamond supply contracts, to help buyers respond to ongoing market uncertainties, and delayed its April trading session by a week to avoid excess stock accumulation.
The company's deputy CEO Evgeny Agureev, said: "Jewelry sales results at key markets, including USA and China, indicate a persistently high demand from end-consumers. ALROSA retains its commitment to a prudent sales strategy, aimed at keeping the industry balance through supplying real demand."
Pic courtsey Alrosa