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ALROSA Sells $180M Rough In August; Says Inventories Reducing

ALROSA announced it had sold rough diamond worth$180.2 million and polished worth $1.5 million in August. These figures bring the company’s January-August total to $2.13 billion in rough and $34.6 million in polished sales.

"The diamond market is still experiencing headwinds from both macroeconomic and industry specific factors, which have an adverse impact on the midstream. There is also a seasonal slowdown weighing on the summer sales,” commented ALROSA United Selling Organisation Director Evgeny Agureev.

He added that meanwhile, for the first time since 2010, August sales were higher than in July — mainly due to stock replenishment by diamond cutters. However, since August trading started much later than usual, some sales were moved into September.

Thus while cautioning that it is still too early to draw any firm conclusions, he said it does seem that the inventory overhand in the value chain mid-stream is clearing.

Agureev concluded, “This will help to restore supply and demand balance which should not take too long."

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