Alrosa Sales Rebound to $472M in May

By Rapaport News / June 11, 2017 / / Article Link

RAPAPORT... Alrosa's diamond revenues for May jumped 33% year on year to $472.1 million, the Russian miner reported last week.Rough-diamond sales amounted to $467.6 millionfor the month, while polished revenue was $4.5 million. For the January-to-Mayperiod, sales fell 5% to at least $2.13 billion, of which $2.09 billion wasfrom its rough business and $44.3 million was from polished. Alrosa vice president Yury Okoemov attributed the decline inoverall sales to a higher proportion of lower-value goods during the beginningof the year. Between January and April, revenue slid 12.5% to $1.7 billion as thecompany sold off those diamonds, following a period of lower demand in Novemberand December due to India's demonetization policy. The announcement came after De Beers reported rough-demandsales of $520 million in May - 18% lower than the equivalent sight a year ago.De Beers' sales in the first four sights of the year declined 3% to $2.39billion, according to Rapaport records.