Make Kitco Your Homepage

Alrosa Diamond Sales Continue To Slide

Kitco News

Editor's Note: We are proud to unveil our new mining page, an entire space dedicated to up-to-the-minute news, with exclusive industry interviews and all the relevant information you need, rounded in up in one spot. Who is merging? Who is Buying? Who is Digging? We got you covered!

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

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News