A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Alrosa Lowers Expectations as Smaller Stone Sales Slow
Sales of smaller diamonds have been hurt by Indian manufacturers’ inability to secure financing.
Moscow—Alrosa lowered its sales guidance for the year on the back of weakness in sales of smaller diamonds as Indian cutters and polishers continue to struggle to secure credit.
In third quarter results released last week, the Moscow-based diamond mining company reported that sales in volume terms declined 11 percent year-over-year from 7.5 to 6.7 million carats (2 million industrial, 4.7 million gem quality), mainly due to a drop-off in sales of small diamonds.
Through the first nine months of the year, diamond sales are down 9 percent in volume terms but up 9 percent in value terms to $3.52 billion on the back of stronger prices and an improved mix of gem-quality diamonds.
Alrosa is selling more stones that are 2 carats and above, including diamonds that are 10-plus carats, while also edging into sales of natural color diamonds.
Its average selling price for gem-quality rough grew 18 percent year-over-year in the third quarter to $199/carat. Year-to-date, the price index is up 5 percent.
Small diamond sales, meanwhile, have dropped off as Indian polishers struggle to find financing in the wake of the Nirav Modi scandal and the rupee weakens against the U.S. dollar.
Alrosa lowered its full-year sales guidance from 39-40 million carats to 37-38 million carats on the back of its third quarter results.
Third quarter diamond production was up 2 percent year-over-year to 10.5 million carats, and 23 percent quarter-over-quarter due to the seasonal growth of production at alluvial deposits.
The full-year production outlook remains unchanged at 36.6 million carats, an 8 percent year-over-year decline.
Alrosa said production is expected to ramp up at Udachny underground and Severalmaz in the fourth quarter, and it just opened the new Verkhne-Munskoye deposit last month.
The opening of this new deposit is expected to help offset the loss of the Mir mine, though only partially.
Verkhne-Munskoye is forecast to produce 1.8 carats annually; Mir, which has been closed since August 2017 when a flood took the lives of eight workers, produced 3.9 million carats in 2016, the last time it was in operation for a full year.
The Latest
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.