{"id":1189491,"date":"2020-06-10T13:33:48","date_gmt":"2020-06-10T18:33:48","guid":{"rendered":"https:\/\/www.mining.com\/?p=1026726"},"modified":"2020-06-10T13:33:48","modified_gmt":"2020-06-10T18:33:48","slug":"alrosas-may-sales-drop-85","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1189491","title":{"rendered":"Alrosa\u2019s May sales drop 85%"},"content":{"rendered":"

Alrosa on Wednesday said its sales<\/a> of rough and polished diamonds stood at $40.1 million in May, an 85% drop from $266 million in sales a year ago.<\/p>\n

The May figure represents a slight rise from the previous month, but April sales had plunged to $15.6 million as the coronavirus crisis hit demand<\/a>.<\/p>\n

Alrosa\u2019s total rough and polished diamond sales in January\u2013May 2020 amounted to $959.9 million, including rough diamonds sales of $930.6 million, polished diamonds of $29.3 million.<\/p>\n

\n
\n

Alrosa\u2019s total rough and polished diamond sales in January\u2013May 2020 amounted to $959.9 million<\/p>\n<\/blockquote>\n<\/figure>\n

“Despite a noticeable increase compared to April trough levels, sales in May were expectedly low, as Alrosa remains committed to its price over volume strategy, allowing the cutters, who are just resuming their work, to reduce the accumulated rough and polished diamond stock,” Evgeny Agureev, deputy CEO said in the media statement. <\/p>\n

“Alrosa kept the same approach for its June trading session. We believe that our approach to avoid putting pressure on the market will accelerate recovery of the market of supply and demand balance,” Agureev added. <\/p>\n

The company expects that buying activity at the mid-stream resumes in the middle of the third quarter.<\/p>\n

Investment grade<\/h2>\n

S&P confirmed on Wednesday Alrosa\u2019s BBB- investment grade credit rating with a \u201cstable\u201d outlook. <\/p>\n

The rating agency draws attention to the company\u2019s consistently high profitability, its leading position in the diamond market and high-quality reserves, as well as “prudent financial and dividend policies and high level of corporate governance”.<\/p>\n

Among measures taken, S&P Global Ratings highlights downward correction of the company\u2019s capex program and production target.<\/p>\n

The world\u2019s largest diamond miner by volume reported an 87% slide in first-quarter <\/a>net profit on Friday.<\/p>\n

\u201cThe confirmation of Alrosa’s rating at the investment grade with a stable outlook during this challenging period for the global diamond industry underscores the company\u2019s prudent approach to its financial and sales policy,” said\u00a0Alexei Filippovsky, deputy director-general.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Sales of rough and polished diamonds stood at $40 million in May, a 85% drop from $266 million a year ago.<\/p>\n","protected":false},"author":92,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369,4,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1189491"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1189491"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1189491\/revisions"}],"predecessor-version":[{"id":1189531,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1189491\/revisions\/1189531"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1189491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1189491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1189491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}