ALROSA, a Russian diamond mining company, does not seek to achieve the planned level of diamond sales for 2019 due to weakening demand from cutters who are under great pressure due to overflow of diamond stocks, according to TASS.
"From the point of view of the announced plans (38 million carats) we have no task to maximize sales at any cost. We are quite responsibly approaching and trying to find a balance together with the midstream (diamond cutters and buyers) to dissolve these stocks faster, and for us to return back to normal sales volumes. We are not going after this indicator right now, in fact, I think it will be different,” Evgeny Agureev, Director of the United Selling Organization ALROSA, was quoted as saying.
He also added that the company expects the restoration of demand for diamonds by November-December this year.
Meanwhile ALROSA reported that its sales were down for the first five months of the year.
Total rough and polished diamond sales in January-May 2019 fell amounting to $1,589 million compared to USD 2.299 billion gained from the sales from January to May, 2018. During the five months of 2019, rough diamonds were sold for $1,564.9 million, while in 2018 rough diamonds sales of the company went up to $2.256 billion.