Events & AwardsJun 06, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
SourcingJun 08, 2020
Alrosa Says It’s Starting to See Recovery in China
Diamond jewelry sales in Asian markets are “bouncing back,” and the miner expects demand to increase as soon as July.
Alrosa saw sales of diamonds (both gem-quality and industrial) drop 11 percent year-over-year in the first quarter, but the diamond miner said it’s starting to see signs of a recovery in Asian markets.
Moscow—Alrosa said Friday diamond jewelry sales are starting to show signs of life in Asian markets as retail stores reopen and shoppers return as the coronavirus pandemic abates, at least for now.
“Today, we see diamond jewelry sales bouncing back in China and other Asian markets, which is expected to drive diamond demand up as soon as July [or] August,” said Alrosa Chief Financial Officer Alexey Philippovskiy as the company announced its full first quarter results on Friday.
Diamond sales (both gem-quality and industrial) were down 11 percent year-over-year in the quarter for the diamond miner, sliding to 9.4 million carats from 10.6 million carats in Q1 2019.
Revenue also slid 11 percent due to COVID-19 and a drop in diamond prices, totaling $917.5 million compared with $1.03 billion a year ago.
Net profit fell from $351 million to $43.7 million year-over-year due to non-cash factors (foreign exchange loss of 21 billion rubles, $305.7 million, resulting from the re-evaluation of foreign currency debt).
Philippovskiy said the year got off to a “healthy” start, as diamond demand recovered in key markets, retail and midstream stock levels normalized, and the leverage of Indian polishers returned to historical averages.
Demand began to decline around the middle of February as it became clear that COVID-19 was spreading.
He said the situation escalated in March, with sales dropping “considerably” as business closed and governments issued stay-at-home orders worldwide.
The following month, Alrosa allowed its long-term customers to completely suspend purchases for the time being, pushing required purchase amounts to future months.
As previously announced, the diamond miner will cut production this year by as much as 18 percent, specifically shuttering mines that produce lower-quality diamonds.
The Aikhal underground mine and the Zarya open-pit mine closed in mid-May while the Verkhne-Munskoye deposit was shut down this month.
On Thursday, Alrosa announced the Lomonosov division of Severalmaz would cut production as well.
Processing was suspended on May 16. It will resume on July 1 for three months before shutting down again until the end of the year.
The division suspended mining operations on May 12, with resumption scheduled for Nov. 1.
De Beers also will cut production by as much as 26 percent.
More on Sourcing
The Latest
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
