Alrosa’s diamond sales results for August 2020 rose 19% year-on-year to $216.7 million as demand for rough picked up in preparation for the year-end holiday season. The August sales included proceeds from rough diamond sales of $202.1 million (+12%), and polished diamond sales of $14.6 million (+873%).
For eight months of 2020, total rough and polished diamond sales declined 43% year-on-year to $1.24 billion, including $1.18 billion of rough diamond sales and $63.6 million of polished.
“Given that demand for diamond jewellery is gradually recovering in recent months, specifically in the US and China, and diamonds’ stock levels keep declining at both retail and midstream, we see the demand for rough diamonds is picking up, which is a good sign as we approach seasonal growth in market activity in Q4,” said Evgeny Agureev, Deputy CEO of Alrosa.
“Hopefully the support we offered our long-term clients in March-August has a positive effect on restoring the supply/demand balance and helps the diamond market to overcome the most challenging period,” he added.
News Source : gjepc