Alrosa’s diamond production up 10% in Q4

ALROSA announced its performance for production during Q4 and FY 2016 and its preliminary trading performance in the same period.

The last quarter witnessed a 10 percent surge in diamond production driven by ramping up diamond mining at ALROSA’s underground mines and also by the fact that the Mir underground mine had reached its project capacity.

The year resulted in total diamond production of .4 million carats, down by 2 percent year-on-year as a result of a downward revision in production plans for the alluvial deposits in Q2 and Q3 2016, which is in line with the diamond market environment after 2015.

In 2016 ALROSA sold 40.1 million carats of diamonds. Revenue from rough diamond sales is set to reach at least USD 4.3 billion. In Q4 2016, ALROSA sold 10.1 million carats of diamonds, including 6.6 million carats of gem-quality diamonds at an average price of USD 127 per carat and 3.5 million carats of industrial diamonds at an average price of USD 6 per carat. Revenue from rough diamond sales amounted to at least USD 849 million in Q4 2016.