MOSCOW, Nov 9 (PRIME) -- Russian diamond mining giant ALROSA’s sales plunged 28% on the year in October to U.S. $242.8 million, including $233.9 million of rough diamonds and $8.9 million of polished diamonds, because of problems in India, the company said in a statement on Friday citing preliminary data.
“In October we could still feel a significant weakening of demand in the cheap small-size segment,” the statement quoted Vice President Yury Okoyomov as saying.
“The customary seasonal factor ahead of India’s key holiday of Diwali was exacerbated by weakening of the rupee against the dollar, several bankruptcies of small Indian firms and tougher crediting terms for diamond-cutting industry in the country.”
In January–October, sales of rough and polished diamonds grew by 6% on the year to $3.905 billion. Sales of rough diamonds amounted to $3.822 billion and sales of polished diamonds reached $83 million.
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