RAPAPORT… Sales at Alrosa fell 21% year on year to $318.7 million in
April amid a continued slowdown in the Indian manufacturing sector.
Rough-diamond sales dropped 20% to $315.8 million for the
month, while polished revenue plummeted 68% to $2.9 million.
“In the first months of 2019, the global diamond market saw somewhat weaker demand from cutters and polishers due to both diamond-stock
normalization, as midstreamers in India continue to experience difficulties
with access to affordable financing, and inherent cyclicality of the market,”
Evgeny Agureev, director of the United Sales Organization (USO) Alrosa, said
Monday.
Alrosa’s rough-and-polished sales slumped 34% to $1.32
billion for the first four months of the year combined. Rough sales slid 34% to
$1.3 billion for the period, while polished declined 42% to
$19.2 million.
The Russia-based miner expects the market situation to
improve in the second half of the year, it added.
Image: Rough diamonds and loupe. (Alrosa)
Weak Indian Demand Dents Alrosa Sales
The Bottom Line
- Alrosa's total sales fell 21% year over year to $318.7 million in April, with rough-diamond sales down 20% and polished sales down 68%.
- For the first four months of 2019, Alrosa's rough-and-polished sales declined 34% to $1.32 billion, reflecting ongoing midstream difficulties in India.
- The company cites normalization of diamond stocks, limited affordable financing for Indian cutters and polishers, and market cyclicality as key factors behind the sales decline.
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