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ALROSA Jan-Oct Rough Sales $3.8B; Projects Full-Year Growth

ALROSA announced it had sold $3.8 billion in rough diamonds in the ten months from January to October this year. It had also sold $83 million in polished during the period. The company said it had sold $233.9 million in rough diamonds along with $8.9 million in polished in October alone.

ALROSA said the ten-month sales figure represented a 6 percent growth in a year-on-year comparison with the same period in 2017.

"In October, demand for small, inexpensive rough diamonds continued to remain weak. A seasonal slowdown on the threshold of Diwali, the main Indian holiday, was exacerbated by a weakening rupee-US dollar exchange rate, a number of minor bankruptcies in India and tighter credit conditions for the cutting and polishing sector in this country,” said ALROSA Deputy CEO Yury Okoemov.

He added, “We expect the situation to stabilize through December to the first quarter of next year. Rough diamond sales are expected to be in the range of 37-38 million carats. In value terms, our 2018 sales should be higher compared to the last year’s results".

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