Alrosa halts diamond sales amidst sluggish market conditions

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Alrosa halts diamond sales amidst sluggish market conditions
Credit: © Reuters.

Alrosa PJSC, a major player in the global diamond mining industry, has announced a temporary halt in the sale of rough diamonds for September and October due to the current sluggish market conditions. Announced on Wednesday, the move is part of a broader strategy by the Russian state-controlled company to counteract declining demand trends in the diamond market.

The company's decision to adjust its sales strategy is aimed at stimulating demand. Alrosa competes closely with industry titan De Beers in terms of diamond production volume. However, its operations have been impacted by sanctions imposed by the United States and United Kingdom following Russia's military intervention in Ukraine.

Despite these sanctions, Alrosa managed to regain its footing by redirecting its sales to Asian markets, primarily India. This strategic shift occurred after an initial dip in sales as a direct result of the first wave of US sanctions.

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