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Alrosa sees Q3 profits reach £319m

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Alrosa has reported pre-tax profits of RUB31.2bn (£31.6m) from RUB9.5bn (£96.3m) for the three-month period ending 30 September 2021. 

Sales in Q3 hit their highest level since 2010 for the third quarter period, which Alrosa said is traditionally considered to be the “weakest” period of the year.

The price index in Q3 increased by 10% quarter-on-quarter and by 25% year to date, having exceeded its 2018 levels.

Meanwhile revenue grew to RUB75.6bn (£76.6m) from RUB48.6bn (£49.2m) in 2020 but it was down 18% quarter-on-quarter as there was a 20% lower diamond sales volume during the period.

Alexey Philippovskiy, CFO of Alrosa, said: “The strong end demand for jewelry and the corresponding demand for polished diamonds since the beginning of the year was initially met thanks to the rough diamond stocks accumulated by producers in 2019–2020.

“However, by the start of Q3’21, producers had run out of their stocks and began supplying ‘freshly’ produced diamonds. In the coming years, the global diamond production will remain 20–25% below the pre-pandemic levels.” 

He added: “On the back of the strong demand and limited supply, polished and rough diamond prices rebounded by 9% and 12%, respectively, versus the early 2019 levels.”

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