The diamond miner’s July trading session, initially scheduled for July 12-17, will take place on July 27-31, according to its press release distributed on Thursday. The company says this decision will support its clients that expressed potential interest in purchasing rough in this period.ALROSA is also moving its next trading session from August 10-14 to the second half of that month.
“To balance rough supply with demand more effectively, the company idles its production of industrial diamonds of sieve classes under –3 and powders for the next six months,” the press note says.
“ALROSA continues its responsible approach to sales and constantly communicates with its clients in order to thoroughly monitor the market and answer its needs. At the last three trading sessions, we provided our customers with unprecedented flexibility, including an opportunity to defer contracted volumes to later periods of the year. Today, when the largest end-consumer markets show signs of recovery, we answer our clients’ requests and amend our initial trading schedule that was formed last year. We believe that balancing supply with demand is the most important tool to normalize cutters’ stocks level,” said ALROSA Deputy CEO Evgeny Agureev.
Besides, the press release says that ALROSA’s annual diamond production may reach 28-31 million carats vs initial guidance of 34 million carats.
