RAPAPORT. Alrosa has pushed back its April contract sale by a week to support the diamond industry’s inventory balance, it said.
The next trading session will begin on April 19 instead of April 12, the Russian miner announced Wednesday.
“We are glad to see the continuing recovery of the industry, with our clients expressing sustainable interest in purchasing our goods,” said Alrosa deputy CEO Evgeny Agureev. “However, in our view, it is very important to keep the.supply and demand [of rough diamonds] balanced under [the] current circumstances. To maintain the market balance and avoid excessive stocks accumulation, clients should have ample time to process and sell the goods they have purchased earlier.”
De Beers reports increase in sales De Beers reported garnering $550 million at its second sales cycle of the year, an increase of 52% versus the equivalent trading session in 2020 By: Diamond World News Service
|
| Reference: 25455
De Beers Group today announced the value of rough diamond sales (Global Sightholder Sales and Auctions) for the second sales cycle of 2021. Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group has continued to implement a more flexible approach to rough diamond sales during the second sales cycle of 2021, with the Sight event extended beyond its normal week-long duration. As a result, the provisional rough diamond sales figure quoted for Cycle 2 represents the expected sales value for the period 22 February to 0
RAPAPORT. Sales momentum continued for the two largest diamond miners in February amid higher rough prices and strong retail demand in the US and China.
De Beers raked in $550 million at its second sales cycle of the year, an increase of 52% versus the equivalent trading session in 2020, it reported Wednesday. Alrosa saw more moderate growth of 7% for a total of $372 million at its February sale, with rough revenue up 5% at $361 million. Polished sales at the Russian miner jumped to $12 million from $4.1 million a year earlier.
“Midstream buyers continued to express healthy demand following better-than-expected retail sales of diamond jewelry over Christmas, Chinese New Year and Valentine’s Day, with the industry now set to enter what is traditionally a period of lower seasonal demand,” said De Beers CEO Bruce Cleaver.
RAPAPORT. Gem Diamonds has proposed paying its first dividend since 2016 after annual profit more than doubled on the back of a sales recovery.Net profit jumped to $24.3 million for 2020, compared with $10.6 million in 2019, the miner reported Thursday. The company, which owns the Letšeng.
RAPAPORT. Alrosa has raised its production outlook for 2021 after rough-diamond demand picked up at the start of the year.
The Russian miner plans to recover 31.5 million carats this year, an increase from its previous forecast of 28 million to 30 million carats, it said Tuesday. That would result in a 5% jump in output versus the 30 million carats Alrosa produced in 2020.
“When we report out first-quarter results, investors will be surprised by the low level of inventory our company will have,” Alrosa CEO Sergey Ivanov said in a conference call following the release of the miner’s full-year earnings. “Not only our company, but the industry is low on rough.”