MOSCOW, April 8. /TASS/. Alrosa sees first signs of recovery in the diamond market, CEO of the Russian diamond miner Pavel Marinychev said on the air with Yakutia-24 television.
"We see that first feeble attempts of the market to recover have been observed recently. We see that cut diamond prices started growing in some categories for the first time over the last three years," he said.
The current crisis in the industry occurred due to a combination of several factors, Marinychev noted. The demand for jewelry spiked, followed by introduced restrictions on Alrosa, while global diamond producers started buying such products to their stocks.
"The dramatic spike of the market demand plus expectations of a raw diamond deficit to occur, these two factors lead to purchases to their stocks by all global brands, global leaders of the cutting industry," the top manager said. "Then the demand declined rather sharply; it reached its balanced level," Marinychev added. At the same time, prices for jewelries with diamonds are declining globally since 2023, which prevents the sale of accumulated stocks and results in the drop of raw diamond prices, he added.