In March 2020, ALROSA Group sold $152.8 million worth of rough and polished diamonds*. The revenue from rough diamond sales to third parties amounted to $148.7 million, and from polished diamond sales – to $4.1 million.
ALROSA’s total rough and polished diamond sales in Q1 2020 amounted to $904.2 million. From January to March, rough diamonds were sold for $881.2 million, polished diamonds – for $23.0 million.
“March demand for rough and polished diamonds in all key markets demonstrated a steep decline. The uncertainty in February was followed by severe restrictions and even the suspension of trading because of border closures and quarantine measures across the world. Needless to say that this has had an extremely adverse effect all along the diamond pipeline. In this turbulent environment, the situation at the start and at the end of our trading session in March was completely different. That is why we had to adjust and offer more flexible sales terms on the go. We would like to thank those of our customers who stick to our long-term contracts, though with several companies we had to terminate such contracts and switch to spot sales,” says Evgeny Agureev, Deputy CEO of ALROSA.
“However, according to the latest news, the epidemiological situation in China, one of the major diamond markets, is gradually improving and moving towards less strict quarantine measures. This gives us the hope that this market will be the first to start recovering the demand in the nearest future.”
