Supply Constraints Impact Alrosa’s January Sales
The mining company said demand for diamond jewelry continues to be strong, but its sales are “capped by current production levels.”
The company announced last week its January sales totaled $325 million, $315 million in rough and $10 million in polished.
That is a 24 percent decline from $430 million in January 2021 but up 28 percent from $254 million in December, with Alrosa noting that some December sales shifted to January.
In a statement, Deputy CEO Evgeny Agureev said midstream demand for diamonds continued in January following a successful holiday season in key markets. One early report for the U.S. market indicated jewelry sales rose 32 percent year-over-year between Nov. 1 and Dec. 24 and were up 26 percent when compared with pre-pandemic levels.
But Alrosa continues to grapple with supply problems caused by a confluence of factors, including the increased demand for diamond jewelry in the last two years and mines that have faced various COVID-related obstacles.
“Sales have been capped by current production levels, similar to the situation seen in the second half of 2021,” Agureev said. “Amid limited diamond supply globally, Alrosa continues with its measures to quickly respond to market demand by accelerating pre-sale diamond processing.”
Alrosa also announced last week it will allow long-term contract holders, which constitute most of its customer base, the chance to buy rough diamonds ahead of schedule though still within their allocations.
The company said it again plans to buy diamonds at the Gokhran auction this month (Gokhran is Russia’s state-owned repository of precious gems and metals) and to hold additional tenders between trading sessions, making the rough diamonds most sought after by cutters available as soon as possible.
“The first quarter of the year is traditionally a period of active rough diamond purchases, as cutters seek to stock up after a holiday season in retail,” Agureev said. “The high season of 2021 was one of the most successful ones in the entire history, as we see robust demand from our customers underpinned by real orders.”
The winners, picked by a group of judges and voted as the public’s favorite, will be announced in a webinar on Oct. 11.
Learn how to better serve your employees, customers and community by having a dynamic and supportive company culture.
The engravable piece is a perfect family heirloom.
Sponsored by Synchrony
While ethical mining is essential to a diamond business, they represent only a fraction of the responsibility bestowed on jewelers.
According to Christie’s, the auction is its most important single-owner watch collection ever.
The topics up for discussion with lawmakers included inflation, rising interest rates, hiring challenges, and crime.
The pear-shaped fancy vivid pink diamond will lead the Christie’s Geneva Magnificent Jewels auction on Nov. 8.
There are three designs to choose from this year, all featuring animals drawn by kids who have had wishes granted through Make-A-Wish.
Fine jewelry comprised three of the auction’s top 10 lots, though it could not top her director’s chair or scripts from “The Golden Girls.”
A total of four suspects are now in custody with police still on the lookout for the remaining two.
From a “whodunnit” murder mystery to a permanent jewelry party, Duvall O’Steen and Jen Cullen Williams share a wealth of suggestions.
“Mountings 2023-2024” and “Diamonds & Gemstones 2023-2024” offer a vast selection of options to create custom pieces.
It follows Creative Director Lucia Silvestri as she crafts the brand’s high jewelry collections.
The competition takes place in tandem with TJA’s annual convention, known as the Texas Jewelers Roundup.
The limited-run collection features figures from Haring’s iconic street art on charms, bracelets, rings, and more.