"We keep implementing our balanced sales strategy amid the backdrop of persisting excess diamond stock both at the cutting and polishing (midstream) sector and at retailers, as well as challenges related to financing of Indian midstream business," United Selling Organization ALROSA director Evgeny Agureev said.
"The market is gradually entering the phase of seasonally low demand for rough diamonds, which also weighs on the industry sales numbers."
He said the company expected to see stronger demand for rough diamonds by the end of the current quarter.
"We also see stable jewellery demand from end consumers, which creates opportunity for the recovery of overall demand for rough diamonds on the eve of Christmas sales 2019-2020," Agureev said.