Alrosa’s 1st E-Sight Successful, Confirms Production Cut

Rough Market
05/06/2020 07:03

 

Alrosa reports its first E-sight, offering long-term clients the possibility to purchase on a stone-by-stone basis was a success,  “demonstrating market demand for rough diamonds and a willingness to purchase via online channels.”, says Alrosa deputy CEO Evgeny Agureev.

In a second tender, currently going on, the miner is tendering 700 rough stones from 5 to 10ct batches, open for purchase to long-term clients, as well as Alrosa’s spot and auction customers.

 

The Russian miner also reconfirms it is cutting production at Severalmaz, accounting for 1.04m carats or 13% of Alrosa’s output in Q1 of 2020, in response to the market slump caused by the COVID-19 pandemic. The company has also suspended production at the Aikhal underground, Zarya open-pit mine and Verkhne-Munskoye deposit in its strategy to cut 2020 guidance from 34m to 28-31m carats to avoid excessive rough stockpiling on the market in the current economic downturn.