Sales at Alrosa fell 21% year on year to $318.7 million in April amid a continued slowdown in the Indian manufacturing sector.
Rough-diamond sales dropped 20% to $315.8 million for the month, while polished revenue plummeted 68% to $2.9 million.
“In the first months of 2019, the global diamond market saw somewhat weaker demand from cutters and polishers due to both diamond-stock normalization, as midstreamers in India continue to experience difficulties with access to affordable financing, and inherent cyclicality of the market,” Evgeny Agureev, director of the United Sales Organization (USO) Alrosa, said Monday.
Alrosa’s rough-and-polished sales slumped 34% to $1.32 billion for the first four months of the year combined. Rough sales slid 34% to $1.3 billion for the period, while polished declined 42% to $19.2 million.
The Russia-based miner expects the market situation to improve in the second half of the year, it added.
Image: Rough diamonds and loupe. (Alrosa)