24 Jul 2019
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ALROSA releases Q1 2019 operating results
ALROSA reports its Q1 2019 diamond production of 7.8 m carats and sales of 10.6 m carats grew 18%
By: Diamond World News Service
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Apr 18 2019 9:26AM
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Reference: 18153  

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ALROSA, a global leader in diamond production, reports its Q1 2019 diamond production of 7.8 m carats and sales of 10.6 m carats grew 18% q-o-q (down 21% y-o-y). Total sales in value terms grew 19% q-o-q to $1 bn (down 37% y-o-y). 
  • Q1 diamond production grew 5% y-o-y to 7.8 m carats.
  • Q1 ore and gravel processing increased 11% y-o-y to 6.4 m tonnes.
  • Q1 average diamond grade was 1.23 carats per tonne (5% y-o-y) on the back of higher share of lower-grade ore processing.
  • Q1 rough diamond sales grew 18% q-o-q to 10.6 m carats, including 7.9 m carats of gem-quality diamonds (up 50% q-o-q) as cutters were restocking their supplies of small- and medium-size diamonds.
  • Diamond inventories as at the end of Q1 2019 went down by 16% q-o-q (up 16% y-o-y) to 14 m carats.
  • Average realised prices for gem-quality diamonds fell 19% q-o-q (20% y-o-y) to $123/carat due to a larger share of small-size diamonds in total sales and lower prices mostly for medium-size diamonds.
  • In Q1 2019, the diamond price index was down by 3.1% q-o-q.
  • Q1 sales increased 20% q-o-q to $988 m, but decreased 38% y-o-y.
 
Rough and polished diamond market overview
  • In Q1 2019, the diamond market performed weaker than usual for that part of the year due to lower jewellery sales during the Christmas season. All the key consumption markets for diamond jewellery saw mixed performance in Q1 2019.
  • India's cutting and polishing industry experienced temporary liquidity problems after local banks toughened loan security and repayment terms.
  • As dealers and retailers were restocking their supplies after the holiday season, demand for small- and medium-size rough diamonds was gradually reviving throughout Q1 2019.

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