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Russia’s top diamond producer Alrosa to review sales, output outlook for 2017

May 26, 21:36 UTC+3

The company plans sales at the level exceeding $4 bln for this year.

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MOSCOW, May 26. /TASS/. Russia’s top diamond producer Alrosa will review its sales outlook for this year, the company’s representative said Friday.

"We’ll review sales (outlook) for 2017. We are to go ahead with budget revision. We plan to complete the work in the summer. Sales in 2017 will obviously be higher than initially planned," he said, adding that the final sales outlook for this year will be specified after the work is completed.

According to Alrosa Vice President and CFO Igor Kulichik, the company will also review its output outlook for 2017. It was reported earlier that Alrosa planned diamond production of 39 mln carats in 2017, which is in line with last year’s level.

Vice President Yuri Okoyomov said in March that the company planned sales at the level exceeding $4 bln for this year.

In the first quarter of this year, Alrosa produced 8.9 mln carats, an increase of 9% year-on-year. According to preliminary data, diamond sales amounted to 14.1 mln carats in Q1 of 2017, including 11 mln carats of diamonds of jewelry quality at an average price of $117 per carat and 3.1 mln carats of technical quality diamonds at an average price of $7 per carat.

Alrosa is engaged in exploration, extraction, production and sales of diamonds. It produces diamonds in the Republic of Sakha (Yakutia) and the Arkhangelsk region. The shareholders of Alrosa are currently the Russian Federation - 33.02%, the Republic of Sakha (Yakutia) - 25%, districts of Yakutia - 8%, and 34% of shares are in free float.

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