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Russia’s diamond producer sees recovery this year for pandemic-hit sales

Russia’s diamond producer sees recovery this year for pandemic-hit sales
The global leader in diamond mining, Russia’s ALROSA, expects sales of its gems to reach 25 million carats in 2020, according to the company’s Deputy General Director, Alexey Filippovsky.

Revenues are expected at $2.3 - $2.5 billion, the official said, while reporting the company’s first-quarter results this week.

ALROSA, which had earlier reported a downfall in sales due to the Covid-19 pandemic, assumed the volume could be restored in August-September, fully recovering in the fourth quarter.

Also on rt.com Coronavirus brings diamond sales to an almost complete halt

The coronavirus crisis has resulted in massive production shut-downs worldwide, including in the diamond industry. In April, ALROSA sold a total of just $15.6 million-worth of rough and polished diamonds. The figure was down from over $152 million a month earlier and from $400 million in sales at the beginning of the year. 

ALROSA is the world’s largest diamond miner by volume and accounts for over 90 percent of Russia’s diamond production. The pandemic has forced the company to suspend production at some of its fields.

For more stories on economy & finance visit RT's business section

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