Alrosa posts profit jump on recovering diamond demand

11th November 2021

By: Reuters


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State-controlled Russian diamond producer Alrosa on Thursday said recovering sales helped it to more than triple third-quarter net profit to 25-billion roubles ($354-million).

The world's largest producer of rough diamonds, which competes with Anglo American unit De Beers, is gradually restoring output after last year's 22% reduction to 30-million carats when global diamond sales were hit by 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 by 83% year on year to 9.2-million carats of diamonds.

The company also said it raised its 2021 production estimate by one-million carats to 32.5-million carats and kept its capital expenditure forecast unchanged at 21-billion roubles.

Edited by Reuters


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