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Alrosa's Q3'19 diamond output up, sales down YOY

PJSC Alrosa produced 12.1 million carats of diamonds in the third quarter, rising 15% year over year from 10.5 million carats, according to preliminary figures released Oct. 17.

The Russian company attributed the growth to production starting at the V.Munskoye deposit in the fourth quarter of 2018 and output increasing from the Nyurba Division's Botuobinskaya pipe, driven by higher-grade ore processing and improved efficiency.

Diamond sales declined 5% to 6.4 million carats due to lower demand following record-high sales in 2018. Demand was particularly weaker from end customers in China and the U.S. amid ongoing trade tensions.

Total sales dropped 37% to US$611 million due to lower sales in carats as well as a larger share of small-size diamond sales and a price index decline. The average price realized for gem-quality diamonds was down 32% year over year to US$135 per carat.

For the first nine months of 2019, diamond output increased 12% to 29.7 million carats, sales volumes fell 13% to 25.3 million carats, and total sales sagged 34% to US$2.42 billion.