The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
Alrosa Reports Second Quarter Drop in Sales
Diamond production also was down year-over-year due to the loss of the Mir underground mine.
Moscow—The loss of the Mir underground mine and the sell-off of 6 million carats of rough diamonds in the first quarter dinged second quarter sales and production results for Alrosa.
The Russian diamond miner reported Monday that diamond production rose 15 percent quarter-over-quarter in Q2, from 7.4 to 8.5 million carats, due to a return to seasonal production at alluvial deposits and a ramp-up in production at Udachny and Severalmaz.
However, production is down 18 percent year-over-year due to the closure of Mir, as well as a lower diamond grade at the International underground mine and the processing of more lower-grade ore at the Jubilee pipe and the Aikhal division’s underground mine. Mir has been shuttered since August 2017 when a flood resulted in the deaths of eight workers.
(The company recently lost another worker in an explosion at another underground mine, Udachny.)
Rough diamond sales (in volume terms, counting both industrial and gem-quality stones) totaled 9 million carats, down 32 percent quarter-over-quarter and 12 percent year-over-year.
Breaking it down by type, sales of gem-quality diamonds totaled 6.3 million carats, down 38 percent from the first quarter and 21 percent year-over-year. Industrial diamond sales accounted for the remaining 2.7 million, declining 16 percent quarter-over-quarter but increasing 23 percent year-over-year.
Alrosa said the quarter-over-quarter drop is due to the 6 million in rough diamonds it sold from stock in the first quarter while the year-over-year decline is attributable to lower production.
Dollar-wise, rough diamond sales totaled $1.06 billion ($1.03 billion gem-quality, $3 million industrial), down 33 percent from $1.58 billion in the first quarter and 6 percent from $1.13 billion year-over-year.
The average realized price for gem-quality diamonds, however, grew 6 percent from the first quarter and 18 percent year-over-year to $164.
Alrosa attributed the increase to general demand growth and more large (10.8 carats or more) diamonds in the product mix. Large stones’ share of dollar-denominated sales grew from 5 percent in the first quarter to 14 percent in the second quarter.
Polished diamond sales totaled $26.2 million, up 11 percent quarter-on-quarter and 15 percent year-over-year.
Looking ahead to the second half of the year, the diamond mining company said it expects sales to slow—as rough diamond sales generally do in the latter half of the year—and is maintaining production guidance at 36.6 million carats, which is 8 percent below 2017.
Alrosa estimates that globally, diamond jewelry
The rough diamond market recorded a strong second quarter as well, driven by a reduction in supply from diamond miners, “normalized” stock levels in the mid-stream and, as mentioned above, strong consumer demand, Alrosa said.
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."