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ALROSA Hosts Regular Finance Community Meeting

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Due to the global pandemic, the event was held online this year. The discussion was moderated by world-renowned diamond industry expert Stephane Fischler, who has held leading positions in various industry organizations, including the World Diamond Council and the Antwerp World Diamond Centre.

 

Event attendees noted the continuing optimism on the rough and polished diamond markets at a time of record consumer demand for jewellery. They also noted a limited supply of rough diamonds.

 

Banks and funds lending to companies in the diamond pipeline’s midstream highlighted their relatively stable financial position. Over 2019-2020, a limited global supply of diamonds against a backdrop of depleted inventories has enabled the midstream to sell their stocks of finished goods.

 

Under these circumstances, the financial sector is ready to increase its volume of lending to the diamond sector, whilst also thoroughly checking potential borrowers’ credibility and the sustainability of their business models. The improved profitability of diamond cutting is making the business more attractive for new lenders, also building on the lessons learnt in previous years.

 

ALROSA CEO Sergey Ivanov said: “At our previous meeting with representatives from the financial sector, we talked a lot about how our industry will develop after COVID-19: what demand would be like and how the global economy would recover. A year has passed, but the pandemic is still with us, restricting travels around the world and affecting both business and everyday life. But despite all of this, over the past year we have witnessed an impressive recovery in the diamond industry. Consumer demand for jewellery is extremely strong. At the same time, rough diamond inventories along the system have been fully depleted, whilst the mining of diamonds in the coming years will be limited by external factors. Together, this creates an exceptional opportunity for the market’s successful development in the coming years. And we are delighted to state that financial institutions have created effective mechanisms for lending to the midstream despite all the complexities of our industry. ALROSA, in turn, confirms its commitment to a balanced sales policy, encouraging the creation of added value from our diamond buyers. This requires maintaining a constant dialogue with all parties involved. We intend to continue to adhere to this practice, which has clearly demonstrated its efficiency during the most challenging times for the industry.”

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