- Russian miner sold 7.1 million carats in fourth quarter
In third quarter, miner sold only 42% of diamonds producted
Gems sales rose to 7.1 million carats in October through December, the miner said on its website on Thursday. This compares with 4.9 million carats of sales in the third quarter, when Alrosa had to stockpile 58 percent of its output because of low demand and prices.
The diamond prices plunged 18 percent last year, the most since 2008. De Beers and Alrosa had to cut output and sales to let the market recover.
“The diamond industry has begun a recovery,” with De Beers’ sales also rebounding, Oleg Petropavlovskiy, an analyst at BCS Global Markets, said in a note on Tuesday. “We believe that the duopoly worked very well in the second half” with large supply cuts, and now sales will rebound he said. BCS added Alrosa to its list of most preferred shares.
based on Bloomberg article published 1/28/16