Alrosa Delays July Sale to Later in Month

RAPAPORT… Alrosa has pushed its July contract sale to the end of the month in response to requests from clients who had expressed interest in making purchases, the Russian miner said Thursday.

The trading session, previously scheduled for July 12 to 17, will now run from July 27 to 31, Alrosa announced. The company has also delayed the August sale, previously set for August 10 to 14, and will now hold it later in the month.

“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,” said Alrosa deputy CEO Evgeny Agureev. “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.”

The move comes amid caution from rough buyers due to the uncertain state of the diamond market. Indian trade groups have recommended companies in the country freeze rough imports between July 10 and 31 to avoid an oversupply of diamonds.

Clients of Alrosa and De Beers have also been wary about buying those miners’ goods because their rough prices have been steady since February despite the slump in the diamond market. Alrosa has been considering holding viewings in July outside of Russia — likely in Antwerp — to drum up interest in its rough.


Image: Rough diamonds. (Alrosa)