Weak Indian Demand Dents Alrosa Sales

RAPAPORT... Sales at Alrosa fell 21% year on year to $318.7 million inApril amid a continued slowdown in the Indian manufacturing sector. Rough-diamond sales dropped 20% to $315.8 million for themonth, while polished revenue plummeted 68% to $2.9 million. "In the first months of 2019, the global diamond market saw somewhat weaker demand from cutters and polishers due to both diamond-stocknormalization, as midstreamers in India continue to experience difficultieswith access to affordable financing, and inherent cyclicality of the market,"Evgeny Agureev, director of the United Sales Organization (USO) Alrosa, saidMonday. Alrosa's rough-and-polished sales slumped 34% to $1.32billion for the first four months of the year combined. Rough sales slid 34% to$1.3 billion for the period, while polished declined 42% to$19.2 million. The Russia-based miner expects the market situation toimprove in the second half of the year, it added. Image: Rough diamonds and loupe. (Alrosa)