ALROSA’s sales grew by more than half in terms of value and volume in the third quarter, the Russian miner said in a preliminary trading update.
Rough diamond revenue climbed to "at least" $976 million in the three months that ended September 30, a jump of 73 percent from about $563 million a year ago. By volume, sales leapt 69 percent to 8.3 million carats.
The average price of gem-quality diamonds dropped to $165 per carat from $182 per carat a year earlier. The miner cut production by 6 percent to 11 million carats.
In the nine months to September, rough sales came in at least $3.5 billion, an increase of 29 percent, with calculations based on Rapaport News records. Output slid 6 percent to 27.9 million carats because of a decline in gravel processing at the Nyurba division’s “alluvial placers” and lower ore production at Aikhal underground mine. Open-pit mining at the Udachnaya pipe was terminated, ALROSA said.