Alrosa Upbeat on 1Q Diamond Retail Sales

RAPAPORT... Diamond-jewelry sales grew 7% in the main retail marketsduring the first quarter amid strong consumer sentiment and beneficial fluctuationsin exchange rates, according to Alrosa.Revenues increased 5% year on year in the US and Canada, thelargest consumer market, the Russian miner said Friday. Sales in theAsia-Pacific region jumped 11%, with strong growth in mainland China, Hong Kongand South Korea - the last two due to a rise in tourist numbers. Japan saw a 7%improvement in dollar terms as the weaker yen attracted an influx of Chineseshoppers, Alrosa explained. Sales in India were stable as improvements at largeretailers offset a weaker performance by small chains and independents. InEurope, revenues climbed 14%, buoyed by the relative strength of the euroagainst the dollar during the quarter, Alrosa said. The global luxury market grew 13% during the period, the report continued. Asia Pacificled the increases with a 20% rise, followed by Europe at 18%, the produceradded.Alrosa based its data on figures from retailers and national statistics, it said.Image: Hadrian/Shutterstock