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Alrosa's diamond sales in January-May slip by 5% YOY

PJSC Alrosa's diamond sales from January through May dropped by 5% year over year to US$2.13 billion, the company said June 8.

Rough diamond sales amounted to US$2.09 billion, while polished diamond sales totaled US$44.3 million.

In spite of the slip in the first five months of the year, the Russian company sold 33% more diamonds in May than during the same month in 2016, totaling US$472.1 million.

Company vice president Yury Okoemov noted that, in 2016, Alrosa sold a substantial portion of high-priced rough diamonds from previously accumulated stocks, whereas in 2017 sales of small-sized, inexpensive rough diamonds were higher.

Okoemov also said demand in India for rough diamonds was showing signs of recovery, following last year's downturn.

In the first quarter of 2017, the appreciating Russian ruble dealt a blow to Alrosa's earnings, causing profit to slump by 55% year over year to 22.69 billion Russian rubles.

In May, Alrosa reported that diamond sales during the first four months of the year had declined 12.5% year over year to US$1.7 billion.