05 Jul 2020
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ALROSA reports 9% drop in production
ALROSA said the drop was due to lower production at the Aikhal underground mine and the Botuobinskaya pipe
By: Diamond World News Service
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Apr 20 2020 8:19AM
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Reference: 24876  

DecreaseIncrease

Diamond production seasonally declined by 9% q-o-q to 8.0 m cts. A 2% y-o-y growth was due to increased diamond production at the Jubilee pipe and the Aikhal and International underground mines. Ore and gravels processing seasonally decreased by 18% q-o-q (down 7% y-o-y) to 5.9 mt following seasonal decrease in production at the Mirny Division’s alluvial deposits.

Average diamond grade stood at 1.36 cpt (seasonal growth by 11% q-o-q due to reduced production at low-grade alluvial deposits). Diamond sales increased by 15% q-o-q to 9.4 m cts, including 7.1 m cts of gem-quality diamonds (up 19% q-o-q) amid demand recovery in the first half of Q1. Since the end of February, markets have seen a sharp drop in consumer activity (for more details see the Market Overview section on page 2), which caused Q1 2020 sales to decline by 10%. 

Diamond inventories as at the end of Q1 saw a seasonal reduction by 6% q-o-q to 21.1 m cts as sales volumes exceeded diamond production. Q1 average realised prices for gem-quality diamonds totalled $123/ct, going down by 17% q-o-q (flat y-o-y) amid stronger demand for large-size diamonds at the end of 2019. 

Q1 diamond price index declined by 1.2% q-o-q, and down 1.9% year-to-date.

Revenue from rough and polished diamond sales came in at $904 m (down 1% q-o-q and 10% y-o-y), including $881 m in revenue from rough diamond sales and $23 m in revenue from polished diamond sales. The diamond industry started 2020 in a good shape as consumer sentiment improved across key markets for diamond jewelry, inventories at the midstream normalised, polished diamonds prices began to recover, and diamond sales were quite robust in December and January.

However, the trend reversed as early as February, following the closure of markets in China and Hong Kong. The plunge worsened after COVID-19 spread to Europe and the US. The coronavirus pandemic had an impact on the economy across the world. China, which was hit first and was also the first to recover, will be the key driver as demand starts to pick up again.

In response to current global restrictions aimed at limiting the spread of the COVID-19 pandemic and amid suspended operations all along the diamond pipeline, ALROSA has been making efforts to offer improved flexibility to our customers during the April sales session.




 

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