ALROSA is not going to lay off workers or suspend production due to sanctions, Interfax reported, citing a statement by the company's CEO Sergey Ivanov to reporters at the company's corporate forum of enterprising workers, Khozaktiv 2022.
“I am sure that throughout the year we will also fully implement our social obligations. Today we do not see any prerequisites for starting any retrenchments or tightening our belts,” he said.
According to him, the sanctions affect all stakehlders in the diamond industry.
“Yes, we have encountered some difficulties. We understand how to deal with these issues. This year we will start piloting new machines, underground complexes,” Ivanov said.
ALROSA is the world's largest producer of diamonds in carats: the company accounts for 29% of the world’s and 95% of Russia’s diamond production, according to the company's website. Its main activity is concentrated in Yakutia, in the Arkhangelsk Province and in Africa.
ALROSA came under US Treasury sanctions in April. In mid-May, the Russian Ministry of Finance assessed the company's financial position as stable, Interfax said.
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