Alrosa saw steady demand for most categories of its rough diamond supply in March, pushing sales above its projected figures for the first quarter.
Sales grew 1% year on year to $566.6 million during the month, the company reported this week, with analysts at VTB Capital noting this was 12% higher than expected. Rough sales totaled $554.2 million, and polished sales closed at $12.4 million.
“In March, we continue to observe stable demand in almost all categories of rough diamonds, which is a confirmation of the optimism of market participants shown during the jewelry exhibition in Hong Kong,” said Yury Okoyomov, a vice president at Alrosa.
Rough sales during the first quarter came to approximately $1.3 billion, in line with last year, according to VTB Capital. Alrosa told investors in March it expected first-quarter sales would amount to $1.25 billion, after its rough price index rose 2% for the three months.
Alrosa is scheduled to report its first-quarter operations review on April 20.
This post was written by StettnerInvestment