ALROSA to reduce wages of management by 20%

MOSCOW, Apr 15 (PRIME) -- Russian diamond giant ALROSA has decided to reduce wages of the management by 20% to cut costs amid difficulties in the industry caused by the coronavirus pandemic, the company said in a statement late Tuesday.

“Salaries of ALROSA’s management will be decreased by 20% as a result of measures to reduce costs,” the statement said.

“Coronavirus and measures to prevent its spread have a significant impact on the state of the global diamond industry. Today, production and trade in the industry have practically stopped, and it is difficult to predict any timelines for their recovery. Of course, this will affect the company’s performance. Due to this ALROSA is looking for ways to reduce costs without bringing damage to its core production and workforce,” CEO Sergei Ivanov was quoted as saying.

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