Alrosa Diamond Figures Better Than A Year Ago

Russian diamond company Alrosa's revenues rose 6% on a year earlier in the first quarter of this year to $1.24 billion, but were down 15% on the fourth quarter of last year due to changes in product mix. Net profit plunged by 51% on the year in the first quarter to $196 million and dropped 29% in the last quarter of 2012 mainly due to exchange rate losses, the miner said.

Sales in volume terms in the first three months of this year rose 8% on the year to 10.3 million carats, but were down 6% on the fourth quarter of last year. Production fell 7% in the first quarter of this year to 7.5 million carats, and slumped 17% on the fourth quarter of 2012.

Diamond revenues were 5% higher on the year in the first quarter driven by a 25% increase in sales volumes of gem-quality diamonds. Diamond prices in the first quarter, excluding shifts in product mix, were 14% lower than in the first quarter of 2012.

Diamond revenues were 15% lower than in the last quarter of 2012 at $1.14 billion, due to a 14% fall in the average price of sold gem-quality diamonds. Excluding shifts in product mix, gem-quality diamond prices increased by 1.4% in the first quarter from the fourth quarter of last year.

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