Press release – ALROSA decided to change dates for its trading sessions in July and August after having reviewed the current market situation.
July trading session, initially scheduled for July 12-17, will take place on July 27-31. This decision will support the company’s clients that expressed the potential interest in purchasing rough in this period.
In order to make diamond supply steadier, ALROSA is also moving its next trading session from August 10-14 to the second half of that month. The dates to be announced later.
To balance rough supply with demand more effectively, the company idles its production of industrial diamonds of sieve classes under –3 and powders for the next six months.
“ALROSA continues its responsible approach to sales and constantly communicates with its clients in order to thoroughly monitor the market and answer its needs. At the last three trading sessions, we provided our customers with unprecedented flexibility, including an opportunity to defer contracted volumes to later periods of the year. Today, when the largest end-consumer markets show signs of recovery, we answer our clients’ requests and amend our initial trading schedule that was formed last year,” said ALROSA Deputy CEO Evgeny Agureev. “We believe that balancing supply with demand is the most important tool to normalize cutters’ stocks level.”
As a response to the situation in a global diamond industry caused by the coronavirus pandemic and related restrictions, ALROSA implements a number of measures to cut costs in 2020 that would lead to the annual diamond production of 28-31 million carats vs initial guidance of 34 million carats.