Russian miner Alrosa’s rough and polished diamond sales reached US$152.8 million in March 2020, down 59.48 per cent from last year as the market continues to face virus-induced difficulties.

Revenues from rough diamond sales were US$148.7 million while those from polished diamonds were US$4.1 million.

Overall sales from January to March amounted to US$904.2 million.

Evgeny Agureev, deputy CEO of Alrosa, commented, “March demand for rough and polished diamonds in all key markets demonstrated a steep decline. The uncertainty in February was followed by severe restrictions and even the suspension of trading because of border closures and quarantine measures across the world.”

Citing reported improvements in the situation in China – a major diamond market – where businesses began operating gradually and are moving towards less strict quarantine measures, Agureev said Alrosa is hopeful that the country will be first to recover in terms of demand.

The company earlier allowed long-term clients to defer 100 per cent of their allocated purchases in April to later this year. 

“The spread of coronavirus and counter-pandemic measures implemented around the globe have severely affected the diamond industry,” the miner said. “Alrosa supports its long-term clients with a full flexibility for the April 2020 trading session, lifting mandatory buyout requirements.”