Stock Groups

Russia’s Alrosa posts profit jump on recovering diamond demand -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO – A presentation of diamonds by Alrosa, a Russian producer of diamonds in Moscow on 13 February 2019, is shown. REUTERS/Maxim Shemetov

MOSCOW, (Reuters) – Russian diamond producer Alrosa has reported that sales recovery helped them more than triple their third quarter net profit to 25 Billion Rupees ($354 Million).

This is the world’s biggest producer of rough diamonds. It competes with Anglo American De Beers is slowly increasing its output following last year’s 22% drop to 30 million carsats. This was after global diamond sales suffered from the COVID-19 pandemic.

Demand for diamond jewellery grew in double-digit percentages in the third quarter, said finance chief Alexey Philippovskiy, adding that global diamond output would remain 20–25% below the pre-pandemic levels in the coming years.

Alrosa’s Third Quarter Sales rose 83% year-on-year to 9.2million carats diamonds.

Company also stated it had increased 2021 production estimates by 1,000,000 carats, to 32.5million carats. Capital expenditures forecasts were unchanged at 21. billion roubles.

($1 = 70.5625 Rubles

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses caused by the data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]