Alrosa's Sales Increase Despite Impact of Sanctions

Alrosa's Sales Increase Despite Impact of Sanctions

Alrosa's revenue saw growth in 2023 despite the ongoing sanctions, as the Russian diamond miner maintained its sales activities

In 2023, Alrosa experienced a revenue increase despite ongoing sanctions, as the Russian diamond miner persisted in its sales operations. The company reported a 9% sales growth to RUB 322.57 billion ($3.55 billion) for the year, although its net profit declined by 15% to RUB 85.18 billion ($939.3 million).

Since the onset of Russia's conflict in Ukraine in February 2022, Alrosa and its diamonds have faced sanctions from the US and other Western nations. Despite this, major markets such as India and China still permit the import of Russian diamonds. Beginning March 1, the US will implement stricter measures, prohibiting the import of Russian-origin stones of 1 carat or larger, even if they underwent manufacturing in a third country.

Notably, Alrosa's recent announcement marked its second full results statement since March 2022. On both occasions, the company refrained from disclosing the destination of its sales, which typically include Belgium, the United Arab Emirates (UAE), and India as major buyers.

Last week, De Beers reported a significant decline in 2023 revenue, totaling $4.27 billion, with its diamond unit recording a net impairment of $1.56 billion, reflecting a subdued demand outlook.

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