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Alrosa sees basis for future market recovery

The second half of Q3 saw an upward trend in rough diamond sales following a turning point in destocking

© Mikhail Tereshchenko/TASS

MOSCOW, October 17. /TASS/. Russia’s diamond producer Alrosa has noted an upward trend in rough diamond sales in the second half of Q3 2019, which the company believes creates the basis for the market recovery in the future.

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"The second half of Q3 2019 saw an upward trend in rough diamond sales after a turning point in destocking, thus creating a basis for the market recovery in the future," Alrosa said in a statement on Thursday.

Rise in diamond production over nine months

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Gem-quality rough diamond weighing almost 100 carats mined at Alrosa’s deposit

Alrosa boosted production by 12% in nine months of 2019 year-on-year to 29.7 mln carats, the company said in a statement on Thursday.

Q3 diamond production seasonally added 24% quarter-on-quarter and 15% year-on-year to 12.1 mln carats due to the launch of production at new deposits and expansion of the existing ones.

Diamond inventories as at the end of Q3 2019 increased by 36% quarter-on-quarter and by 40% year-on-year to 21.7 mln carats "due to both seasonal production growth at alluvial deposits and weaker sales," Alrosa said.

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