Alrosa Q3 Net Profits Plunge 97%

Alrosa, the world’s second largest diamond producer, saw profits practically evaporate in the third quarter, as they dropped 96.7 percent to just 112.57 million rubles ($4.2 million).

Russia's largest diamond producer told RIA Novosti on Wednesday that net profits, calculated to Russian Accounting Standards, dropped 62.3 percent year-over-year in the January-September period to 3.54 billion rubles ($131 million).

In 2007, Alrosa accounted for 23 percent of the global diamond output by volume and 22 percent of the production by value, worth $2.37 billion.