Russian diamond mining Alrosa has posted its lowest monthly sales figures of the year to date.

Its monthly combined rough and polished sales for July 2021 came to a total of $334 million (£242 million).

This is significantly lower than the next lowest monthly sales posted in March, of $357 million (£259 million).

Advertisement

Things had been looking up for Alrosa as it recorded its second best month of the year in June, with sales totalling $410 million (£297 million), bested only by January’s $430 million (£312 million).

The diamond mining specialist will be hoping this dip does not mark the beginning of a long-term downward trend and is no more than an anomaly.

Evgeny Agureev, deputy CEO of Alrosa, did not seem concerned by the news and insists that early August is showing promising signs.

He commented: “In July 2021, jewellery demand remained robust following a strong first half of the year, when it increased an average of 35% and 15% in the US and China (including Hong Kong), respectively, versus the pre-COVID H1 2019.

“Heading into the second half of the year, the retailers note continued optimism among consumers and their increased interest in diamond jewellery.

“This continues to support strong demand for rough diamonds from the midstream, which faced supply shortages as early as May-June 2021, when miners saw their inventories drop to record-low levels.

“At the moment, the pricing policy presents the only solution to balancing demand and supply.

“By early August, our rough diamond prices have rebounded to the pre-crisis levels.

“As a responsible market player, Alrosa will seek to support the demand and supply balance by servicing the real demand only.”