ALROSA, a global leader in diamond production, reported its Q1 2021 diamond production of 7.5 m carats and sales of 15.5 m carats.
Diamond production grew to 7.5 m cts (up 6% q-o-q and down 6% y-o-y), driven by increased ore and gravels processing.
Diamond grade decreased 9% q-o-q (down 3% y-o-y) to 1.31 cpt primarily due to a larger share of ore processed from the Jubilee pipe and V.Munskoye deposit (lower grade deposits).
Diamond sales totalled 15.5 m cts (down 9% q-o-q and up 65% y-o-y), including 9.7 m cts of gem-quality and 5.8 m cts of industrial-quality diamonds.
Diamond inventories as at the end of Q1 decreased to 12.8 m cts (Q4 2020: 20.7 m cts). Ore and gravels inventories as at the end of Q1 amounted to 29.5 mt (up 11% q-o-q and down 2% y-o-y).
Average realised prices for gem-quality diamonds grew to $113/ct, up 25% q-o-q (down 8% y-o-y) on the back of a higher price index and a better sales mix.
Average price index gained 7% q-o-q, rising 9% YTD and coming closer to the pre-COVID-19 levels of early 2020.
Proceeds from rough and polished diamond sales in Q1 came in at $1,159 m (down 5% q-o-q and up 28% y-o-y), including $1,126 m in revenue from rough diamond sales and $33 m in revenue from polished diamond sales.
According to ALROSA assessment, diamond jewellery demand remains sustainably high at all the key markets. Supply of rough diamonds is constraint by production capacities of the mining companies, and global production in the mid-term is expected to remain ~20% below its pre-COVID levels. Mid-stream stocks of rough and polished remain balanced, the press-release says.
Alex Shishlo for Rough&Polished
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