Russian miner Alrosa reported solid diamond sales in August, driven mainly by strong demand for rough as well as finished diamond jewellery amid uncertainties, the company announced recently. 

Company data showed Alrosa sold rough and polished diamonds amounting to US$306 million during the month in review. This included proceeds from rough sales of US$297 million and US$10 million for polished stones. From January to August this year, total diamond sales reached US$3 billion. 

By comparison, Alrosa’s diamond sales during the same month last year was US$216.7 million and US$181.8 million in pre-Covid 2019.

“This year, demand for rough diamonds remained strong despite the traditional summer slowdown at cutters and polishers,” Evgeny Agureev, deputy CEO of Alrosa. “Our total sales in carats were lower due to lack of rough inventories available for sale.”

This shortage however was partially offset by the sale of diamonds to long-term customers at a Gokhran auction in July. 

“Going forward, we expect our supply of rough diamonds to stabilise as production recovers, enabling us to benefit from favourable market conditions. At the same time, the robust demand from end-consumers combined with the persistent shortage of rough diamonds will support positive price dynamics,” continued Agureev.