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Eastern Economic Forum

Alrosa CEO admits diamond prices could reach double-digit growth rates

Pavel Marinychev said that supply will be contracting, creating preconditions for a shift in the balance of supply and demand towards deficit, supporting prices

VLADIVOSTOK, September 8. /TASS/. The supply in the diamond market will be contracting, which will shift the balance of supply and demand towards deficit and support prices, Chief Executive Officer of Russia's largest diamond mining company Pavel Marinychev said, adding that double-digit growth rates in prices for stones are possible in the coming years.

Many market participants and experts are talking about the prospects for market recovery in the next two to three years, he said in an interview with TASS at the Eastern Economic Forum (EEF). "We already see a gradual normalization of stocks in all parts of the diamond trade," the chief executive said.

Supply will be contracting, creating preconditions for a shift in the balance of supply and demand towards deficit, supporting prices, he explained. "So double-digit growth rates in prices are quite possible in the coming years, primarily for the most popular and scarce large stones," Marinychev said.

Almost all diamond mining companies have already announced plans to reduce production, he noted. "We expect global diamond production to amount to 95-105 carats this year. This is 20-30% lower than in 2017-2019," the chief executive said.

The 10th Eastern Economic Forum took place in Vladivostok from September 3 to 6 under the theme "The Far East: Cooperation for Peace and Prosperity." The business program featured more than 100 thematic sessions divided into seven tracks. The forum brought together over 8,400 participants from more than 75 countries and territories. The Roscongress Foundation is the organizer of the EEF, with TASS as its general information partner.

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