Alrosa sees Q3 income attain £319m

Alrosa has reported pre-tax income of RUB31.2bn (£31.6m) from RUB9.5bn (£96.3m) for the three-month interval ending 30 September 2021. 

Gross sales in Q3 hit their highest stage since 2010 for the third quarter interval, which Alrosa mentioned is historically thought of to be the “weakest” interval of the 12 months.

The worth index in Q3 elevated by 10% quarter-on-quarter and by 25% 12 months so far, having exceeded its 2018 ranges.

In the meantime income grew to RUB75.6bn (£76.6m) from RUB48.6bn (£49.2m) in 2020 nevertheless it was down 18% quarter-on-quarter as there was a 20% decrease diamond gross sales quantity throughout the interval.

Alexey Philippovskiy, CFO of Alrosa, mentioned: “The sturdy finish demand for jewellery and the corresponding demand for polished diamonds because the starting of the 12 months was initially met due to the tough diamond shares amassed by producers in 2019–2020.

“Nevertheless, by the beginning of Q3’21, producers had run out of their shares and started supplying ‘freshly’ produced diamonds. Within the coming years, the worldwide diamond manufacturing will stay 20–25% under the pre-pandemic ranges.” 

He added: “On the again of the sturdy demand and restricted provide, polished and tough diamond costs rebounded by 9% and 12%, respectively, versus the early 2019 ranges.”

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