ALROSA said that sales of rough and polished diamonds in value terms stood at US$ 170.5 million during July 2019 with sales of rough diamonds accounting for US$ 164.6 million, and sales of polished diamonds yielding US$ 5.9 million.

The miner’s total rough and polished diamond sales in January-July 2019 rose to US$ 1,981.8 million, which included US$ 1,948.7 mn of rough diamonds and US$ 33.1 mn of polished diamonds sales.

Evgeny Agureev, Director of the United Selling Organization ALROSA, member of the Executive Committee said, “A significant decline in diamond sales was attributable to a number of factors including a sizable level of diamond inventory overhang in the midstream built-up last year on abnormally high demand growth. This factor was exacerbated by a low availability of credit facilities issue experienced by the mid-stream, trade tensions between USA and China, and other factors.”

He added that ALROSA’s price over volume strategy offered more flexibility and accuracy when it came to defining sales, which resulted in “holding back pressure on the market”.

Agureev also opined, “Recent statistics on the net imports of rough diamonds to India and net export of polished diamonds from this country suggest that the diamond market is gradually coming back to supply-demand balance.”