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ALROSA Reports Reduced Indian Buying As It Sells $261M Rough In May

ALROSA reported it had sold $261.1 million worth of rough diamonds in May, bringing the total of rough sold in the first five months of 2019 to $1.6 billion. The miner also said it had sold $5 million in polished diamonds in May, adding up to $24.1 million in polished sales during the January-May period.

ALROSA United Selling Organisation Director Evgeny Agureev commented, “We see the market entering its seasonal slowdown phase. India's cutting and polishing sector is still facing a challenge of financing, which holds back the growth in demand for diamond products.”

He added, "Retailer stock levels remain quite high but keep declining — this process will take some time. At the same time, we should note the activity of end consumers of jewellery products in the main markets. Meanwhile global diamond production is expected to decrease by 4 percent in the first quarter compared to the same period last year. These factors give us reason to expect that the stock level in the system will gradually get back to normal.”

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