ALROSA Rides Strong Market to 17% Gain in July Rough Diamond Sales

Mining and Exploration
13/08/2018 13:38

Russian mining giant ALROSA saw its July rough diamond sales increase by 17% year-over-year to $333.8 million from $286.1 million as demand for expensive high-quality diamonds remained strong. Total sales for the month increased by 16% to $339 million, including $5.3 million in polished diamond sales, a 28% decline from the same month in 2017, excluding the sale of the Dynasty Collection and the 51.38-carat round stone, the central diamond in the eponymous collection.

According to our calculations, during the first seven months of the year, ALROSA's rough diamond sales have increased by 9% to $2.97 billion from $2.73 billion a year ago, while polished diamond sales have slipped by 11% to $55.3 million from 62.3 million. For the year thus far, ALROSA's total diamond sales have grown by 9% yoy to $3.03 billion.

“Compared to last year," says ALROSA Deputy CEO Yury Okoemov, "demand for rough diamonds remains more balanced – almost all diamond categories benefit from continued demand in key markets globally. In July, there was a minor seasonal softening on the market in the run up to August holidays, but not as intensive as last year. Demand for expensive high-quality diamonds kept being strong during seven months.”