Alrosa Diamond Sales Continue To Slide
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Blaming inventory overhang and trade tensions, ALROSA Group reported $170.5 million of rough and polished diamond sales in July, the first month below $200 million since the start of the year.
The Russian diamond company reported sales results on Friday.
Evgeny Agureev, a director at ALROSA, listed the headwinds facing the sector.
"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," said Agureev.
"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."
Looking towards the positives, Agureev said recent Indian import and export data "...suggest that the diamond market is gradually coming back to supply-demand balance."
Screen shot of table courtesy of ALROSA