January Slowdown Hits Alrosa Sales

RAPAPORT... Alrosa's sales fell in January amid market weakness, the miner said Tuesday. Proceeds decreased 44% year on year to $281.5 million.Rough-diamond sales dropped by the same percentage to $278.2 million, while polished revenue slid38% to $3.4 million, according to Rapaport calculations. "In January, market activity was lower than usual," said Alrosa deputy CEO Yury Okoemov. "Sales inthe diamond market are always cyclical, and apparently we are seeing theexpected correction after the peak values in previous periods." January sales were lower than in December, when the midstream engaged in restocking, Okoemov added. Combined sales of rough and polished diamonds for Decemberand January came to $602 million, versus $727 million for the same two months a yearago, Alrosa noted. A year before, the figure came to $537 million for the period. Last month, Alrosa sold $9.6 million of special-size rough stones - larger than 10.8 carats - at its first tender of the year, held inIsrael. The miner sold 92 stones weighing a combined 1,570 carats. Image: Rough-diamond sorting. (Alrosa)