GradingNov 01, 2021
GSI Expands Services Ahead of the Holiday RushSourcingNov 17, 2021
Alrosa’s Q3 Sales Hit Highest Level Since 2010
But they were down quarter-over-quarter due to a shortage of rough diamonds.
Alrosa’s third quarter revenue from rough and polished diamond sales reached $1.05 billion, its highest third-quarter sales total since 2010. (Photo courtesy of Alrosa)
Moscow—Alrosa just recorded its best third quarter in a decade, with revenue topping $1 billion as diamond jewelry sales remain strong in the world’s two biggest markets, the United States and China.
The Moscow-based diamond miner’s third quarter revenue totaled 76.9 billion rubles ($1.05 billion), up 55 percent compared to the third quarter 2020, when sales totaled 49.7 billion rubles ($679.5 million).
However, Alrosa’s third-quarter revenue was down 18 percent quarter-over-quarter due to a rough diamond shortage.
The company said producers initially were able to meet the 2021 surge in demand using rough diamond stocks accumulated in 2019 and 2020, when end sales to consumers sagged. By the start of the third quarter, though, they’d run out of stockpiled rough and had to start using newly mined goods.
For Alrosa, this led to a 20 percent decline in sales volume, although it was strong third quarter from a comparative context.
Normally, the third quarter is one of the weakest periods of the year for diamond producers but for Alrosa, Q3 2021 was its strongest third quarter since 2010.
Related stories will be right here …
The Moscow-based diamond miner’s third quarter revenue totaled 76.9 billion rubles ($1.05 billion), up 55 percent compared to the third quarter 2020, when sales totaled 49.7 billion rubles ($679.5 million).
However, Alrosa’s third-quarter revenue was down 18 percent quarter-over-quarter due to a rough diamond shortage.
The company said producers initially were able to meet the 2021 surge in demand using rough diamond stocks accumulated in 2019 and 2020, when end sales to consumers sagged. By the start of the third quarter, though, they’d run out of stockpiled rough and had to start using newly mined goods.
For Alrosa, this led to a 20 percent decline in sales volume, although it was strong third quarter from a comparative context.
Normally, the third quarter is one of the weakest periods of the year for diamond producers but for Alrosa, Q3 2021 was its strongest third quarter since 2010.
Year-to-date, Alrosa’s revenue has totaled 261.3 billion rubles ($3.57 billion), more than double what it was at this point last year.
Third-quarter net profit of 25 billion rubles ($341.9 million) was down 17 percent quarter-over-quarter due to lower returns on sales but more than triple the third quarter 2020.
Year-to-date, the miner’s net profit has reached 79.2 billion rubles ($1.08 billion), up seven-fold versus the same period last year, on the back of recovering sales volume and rising rough prices.
Alrosa is increasing its production outlook for 2021, to about 32.5 million carats from previous guidance of 31.5 million carats.
It said sales volumes will depend on market demand, as well as its ability to push additional goods through any potential bottlenecks in production.
Long term, the company said it maintains a positive outlook for the diamond jewelry market, and said it expects rough diamond prices to remain high due in part to a decline in production.
Starting this year, global diamond production is expected to range between 110-120 million carats annually, down from 140-150 million carats per year prior to 2019.
More on Sourcing
The Latest
Events & AwardsOct 30, 2024
These Designers, Journalists, and Retailers Are Up for a Gem Award The 2025 Gem Awards are scheduled to take place March 14 at Cipriani 42nd Street in New York City.
MajorsOct 30, 2024
Peggy Grosz Leaves Assael After Company Is SoldGrosz had served as Assael’s senior vice president and creative director since 2017.
CollectionsOct 30, 2024
CD Peacock Honors Its Hometown of Chicago in First Bridal Collection“Love and Celebration” is the jeweler’s first in-house collection featuring engagement rings, wedding bands, and celebration rings.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
SurveysOct 30, 2024
Consumer Confidence Rebounds in OctoberA more positive view of the labor market contributed to the strongest monthly gain since March 2021.
Weekly QuizOct 24, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsOct 30, 2024
Mejuri to Award $50K in Scholarships to Jewelry Design StudentsThe funds will be distributed to schools in the U.S., Canada, and the U.K.
MajorsOct 29, 2024
Cybersecurity Expert Selected as President of Jewelers’ Security AllianceJennifer Mulvihill, the first woman to lead JSA in the organization’s 141-year history, takes over for the retiring John Kennedy.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
Events & AwardsOct 29, 2024
The Can’t-Miss Events of 2024 New York City Jewelry WeekThis year’s festivities include more than 100 experiences, such as designer showcases, panel discussions, and even a treasure hunt.
AuctionsOct 29, 2024
Rolex Worn on Apollo 14 Mission Sells for More Than $2MThe GMT-Master “Pepsi” that belonged to astronaut Edgar Mitchell is one of two Apollo-flown Rolex watches ever sold at auction.
MajorsOct 29, 2024
Pandora’s Holiday Campaign, New Jewelry Celebrate Light and LoveThe ads star brand ambassadors Chloe and Halle Bailey and Pamela Anderson.
EditorsOct 28, 2024
Q&A: Monica Rich Kosann Looks Back on 20 Years The jewelry designer discussed how she got into the jewelry industry, what she keeps in her favorite locket, and the future of her brand.
MajorsOct 28, 2024
Jewelers for Children’s Halloween Costume Contest RocksParticipants can buy five votes for $5 to decide which jeweler will dress up as an ‘80s rockstar for Halloween.
TrendsOct 28, 2024
Amanda’s Spooky Style FileThese 15 pieces of jewelry hand-picked ahead of Halloween appeal to the costume- and candy-loving child in all of us.
MajorsOct 25, 2024
This New Bulgari Boutique Is on a YachtStarboard Luxury is bringing the Italian brand aboard The Ritz-Carlton Yacht Collection’s newest yacht.
CollectionsOct 25, 2024
Piece of the Week: A Haunting Piece of Mourning Jewelry The pendant, circa the late 1700s, likely was commissioned to remember a loved one who died young.
MajorsOct 25, 2024
Artistry Releases Its 2025 CatalogIt features the brand’s products in the precious color, semi-precious color, pearl, diamond, gold, and sterling silver categories.
EditorsOct 24, 2024
From a Witch to Wednesday: The Best Jewelry to Wear With Your Halloween CostumeFor her annual Halloween story, Associate Editor Lenore Fedow pairs fine jewelry with classic and contemporary Halloween costumes.
FinancialsOct 24, 2024
Kering’s Jewelry Brands ‘More Resilient’ Than Other Luxury Goods in Q3 Sales fell 15 percent for the luxury conglomerate in the third quarter, led by a 26 percent drop in sales for flagship brand Gucci.
Events & AwardsOct 24, 2024
JA New York Fall Show Announces Education LineupThe education offerings include a diamond cutting demonstration, a session with JVC President Sara Yood, and a seminar on AI.
MajorsOct 24, 2024
Phillip Gavriel Releases 2024-2025 Catalog The book features new styles and revived favorites.
EditorsOct 23, 2024
The Modern Bride’s Approach to Wedding-Day JewelryEditor Lauren McLemore immersed herself in New York Bridal Fashion Week to better understand the role fine jewelry plays on the big day.
Lab-GrownOct 23, 2024
Q&A: Constance Polamalu on Selling Natural and Lab-Grown DiamondsThe jeweler shared her change of heart on lab-grown diamonds and why she keeps them separate from natural diamonds in her business ventures.
IndependentsOct 23, 2024
Jade Trau Sails OverseasThe New York-based brand is expanding outside of the U.S., with a pop-up shop in London and plans to distribute internationally.
CollectionsOct 23, 2024
See Scott West Jewelry’s ‘Kryptonite’ and ‘Joker’ RingsThey’re available through a retailer that sells luxury products inspired by the lifestyle of Batman’s billionaire civilian persona.
WatchesOct 23, 2024
How to Get a Timex Watch for $1The watchmaker is selling 1,000 “Waterbury” watches for $1 each in celebration of its 170th anniversary.
SourcingOct 23, 2024
GemFair Buys 10,000th DiamondLaunched by De Beers in 2018, the program aims to develop a responsible sourcing model for the artisanal/small-scale diamond mining sector.
