Russian diamond mining company Alrosa saw sales increase in Q4 2020, despite a significant decrease in production through the same three-month period.

Diamond sales increased almost 250% quarter-on-quarter, according to Alrosa’s latest published operating results.

Despite this, diamond production was down 23% on Q3 and 20% year-on-year for the fourth quarter of 2020.

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Elsewhere, revenue from sales increased quater-on-quarter by over 100% in that same period.

These figures can be attributed to improvements to the company’s efficiency, as well as a concerted effort to decrease production.

This was announced in May 2020 as a direct response to the coronavirus pandemic and its effect on business.

Meanwhile, the average realised price for gem-quality diamonds totalled $91/ct (£66/ct) in Q4, down 31% QoQ and 38% YoY.

Alrosa’s rival De Beers has recently begun the process of increasing diamond prices to nearer their pre-pandemic levels.

This came after both companies made moves near the end of last summer to slash prices in a bid to compete with smaller independent competitors.

Read more about De Beers’ growing prices below:

Does De Beers’ move to raise diamond prices again signal market recovery?