Russian Diamond Production – planning more independence and reorienting to Asian markets

EURASIA NEWS ONLINE

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As the rough diamond market continues to recover after having stagnated in 2015, Russian diamond miner Alrosa Group has boasted stronger sales in the first quarter of 2016: the company’s revenue soared by almost 37 percent, reaching $1.56 billion, while its profit more than doubled to $758.8 million.

“Revenue from diamond sales jumped 41 percent to $1.48 billion, with sales to Belgium, Alrosa’s largest trading partner, soaring 43 percent to $774 million. Sales to India surged 58 percent and revenue from Israel and the United Arab Emirates both increased.”

Alrosa is one of the world’s largest producers of rough diamonds in carat terms, accounting for about a third of global rough diamond production. Alrosa shares its top positions with the Anglo-American company De Beers, which many credit with having popularized the purchase of diamond engagement rings. Together the giants control about two-thirds of the market.

Simultaneously, the company is seeking to boost its sales in Southeast Asia.

As of yet, only five percent of Alrosa’s sales are in China, but the company is planning to double the figure in the…

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