Coronavirus: Alrosa Month-on-Month Sales Fall 56 per cent

(IDEX Online) - Alrosa's sales of rough and polished diamonds in March were down 56 per cent on the previous month.

They fell from $346.4m in February to $152.8m, said the Russian state-controlled miner, which is allowing buyers to defer 60 per cent of rough purchases in response to the coronavirus crisis.

It has also started auctioning large stones (over 10.8 carats) online rather than at physical tenders in Moscow, Vladivostok and other international diamond trading centers.

Alrosa, the world's largest producer of rough diamonds by carats, said sales this March were 60 per cent down on the same month last year.

"March demand for rough and polished diamonds in all key markets demonstrated a steep decline," it said in a statement.

"The uncertainty in February was followed by severe restrictions and even the suspension of trading because of border closures and quarantine measures across the world. Needless to say that this has had an extremely adverse effect all along the diamond pipeline.

"In this turbulent environment, the situation at the start and at the end of our trading session in March was completely different. That is why we had to adjust and offer more flexible sales terms on the go."

Alrosa's total rough and polished diamond sales in Q1 2020 were $904.2m. From January to March, rough diamonds were sold for $881.2m, and polished diamonds for $23.0m.