Alrosa Revenue Slumps in February

RAPAPORT... Sales at Alrosa fell 36% year on year to $345.6 millionin February as a slowdown in the rough market continued. Rough-diamond sales dropped 36% to $340.6 millionfor the month, according to Rapaport calculations based on Alrosa reports.Polished revenues slid 45% to $5 million. Overall demand has improved versusJanuary, however, with total sales up 23% month on month, the Russian miner said. "We see Indian midstreamers' activity gradually recover,despite some challenges hampering access to bank financing for the industry in[that] country," said Alrosa CEO Sergey Ivanov. "This sentiment is particularlynoticeable for small- and medium-sized rough diamonds. The company hasmoderately optimistic expectations of further smooth growth in demand andmarket activity." Alrosa's rough-and-polished sales slumped 40% to $627million for the first two months of the year combined. Demand is usually strongduring that period, as dealers and retailers restock after the holidays. Image: Alrosa's International mine. (Alrosa)