Alrosa's Recovery Continues with October Sales of $310m
November 10, 20
(IDEX Online) - Alrosa's recovery continued last month with total sales of $310m even though it effectively canceled its trading session.
That was 17 per cent up on the same month last year. In September the Russian miner reported totals sales of $336m, up 23 per cent year-on-year and in August it sold $216m, up 16 per cent on the same month in 2019.
It canceled the October trading session to avoid over-supplying the market. The sales figures comprises part of September's trading session and auctions held during October.
"In October, demand for rough and polished diamonds continued its gradual recovery, a trend seen since August, as cutters and jewelry retailers replenished their stock of end products and raw materials before the festive season," said deputy CEO Evgeny Agureev.
Alrosa rolled its October and November trading sessions into one as part of what it calls a "rhythmical" offering of goods. It said the sales were no longer inextricably tied to specific calendar months.
Dismal performances from April to July will severely dent annual sales at Alrosa. The 2019 total was $3.34bn. So far during 2020 it has sold $1.89bn.
Pic courtesy Alrosa