Executive: ALROSA may revise 2019 diamond sales guidance

MOSCOW, Jun 27 (PRIME) -- Russian diamond mining giant ALROSA does not rule out a revision of its 2019 diamond sales guidance of 38 million carats, Yevgeny Agureyev, director of the United Selling Organization of ALROSA, told reporters on Thursday.

“From the point of view of the guidance, we don’t have the goal of maximizing sales by any means possible. We are responsible about it, and we are trying to balance the midstream so that our accumulated reserves of raw materials don’t vanish and so that normalization happens, which would allow us to continue operations as usual,” he said, adding that the company expects the industry to stabilize in October–November.

“Of course, there are expectations and demands for sales from investors, but we are focused on balance in the first place because we are aimed at mid-term and long-term perspective. We are not rushing for the planned figure for sales in carats (of 38 million carats in 2019). I think that it will be different this year.”

The company’s sales revenue is also shrinking by 30–33% on the year right now, but the company does not expect it to fall even further, by 50–60%, he said.

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