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ALROSA Reduces Production Guidance for 2020 to 28–31 Mn Cts from 34 Mn Cts Announced Earlier

publish:2020-06-17

ALROSA said recently that the Strategic Planning Committee of its Supervisory Board has reviewed options proposed by management to reduce expenditure and optimize production, and recommended that management be guided by proposals envisaging reducing output.

"Based on preliminary estimates, the production cuts will reduce ALROSA's 2020 diamond production to 28-31 million carats, compared with the initial guidance of about 34 million carats," the company said. In addition, the company noted that the coronavirus pandemic and various containment measures have negatively impacted the demand for diamond jewelry, which grew strongly earlier this year." In this case, the major diamond producers are trying to pull all participants across the value chain out of the crisis while maintaining price stability in the diamond market by allowing cutters not to purchase the volumes contracted before," ALROSA said.

Source:GJEPC

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