ALROSA sales soar in seasonally slower August


ALROSA sold $243 million worth of rough diamonds amid stable market conditions in a seasonally weak August, the Russian miner said as it reported for the first time its monthly sales data.
The sale represents a 58 percent surge from a year earlier when demand for rough from diamond manufacturers had slumped because of a drop in their profit margins. ALROSA said the outlook remains “moderately conservative” even as the market continues to recover from lows seen in 2015.

In August 2016, the company observed no seasonal slump in demand for rough diamonds [that is] characteristic of this month,” said Yury Okoemov, ALROSA’s vice president. The company also sold $6.3 million worth of polished during August.

Rough sales increased 23 percent to $3.09 billion in the first eight months of the year, the company reported

ALROSA sells rough to its long-term contract clients at monthly sales, as well as at its spot auctions and tenders of special stones above 10.8 carats. Its September sale took place last week. De Beers September sight follows next week.

Source Rapaport