ALROSA to hold trading session without minimum purchase in Aug

MOSCOW, Aug 18 (PRIME) -- Russian diamond mining giant ALROSA will hold a trading session in August without a minimum purchase requirement, the company said in a statement on Tuesday.

"Although the market has started to recover gradually and diamond production is coming to life, ALROSA keeps commitment to a balanced sales strategy to support the market on the way to recovery. ALROSA keeps zero requirements for obligatory purchases during the August trading session as well as for July to avoid putting additional pressure on the market," the company said.

Deputy CEO Yevgeny Agureyev said that the market has still not reached the level of the start of the year, and the diamond sector is recovering after several months of suspension but sales have not reached the level of 2019.

In July, ALROSA sold U.S. $35.8 million of diamonds after $31.3 million in June. In January–June, sales amounted to $1.027 billion after $1.982 billion in the same period in 2019.

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