Alrosa Allows Deferrals at Third Consecutive Sale

RAPAPORT... Alrosa has continued its policy of enabling customers to hold off buying its rough diamonds until later in the year, aiming to avoid flooding the market with goods.The flexibility will be in place at the upcoming June contract sale, marking the third consecutive month in which the Russian miner has allowed 100% deferrals. Clients may still purchase remotely if they wish, the company noted in a statement Friday."History shows that [a] responsible approach to sales is the main way to accelerate market recovery after a crisis," said Alrosa deputy CEO Evgeny Agureev. "Maximizing short-term incomes at [the] cost of an overall market deterioration would be unwise.... The regular feedback from our clients and [the] overall situation in [the] midstream diamond segment show that this strategy is well proven."The coronavirus crisis has also prompted Alrosa to move more of its sales online. In the second half of May, the miner held its largest digital tender on record, offering more than 800 rough diamonds in 5- to 10-carat batches. The upcoming contract sale begins on June 9.The company is scheduled to release its May sales data on June 10, and its June results on July 10.De Beers also offered full deferrals at its last two sights, and is due to hold its next sale from June 15 to 19. Image: Rough-diamond sorting. (Alrosa)