Alrosa Delays April Trading Session
Alrosa has pushed back its April contract sale by a week to support the diamond industry’s inventory balance, it said.
The next trading session will begin on April 19 instead of April 12, the Russian miner announced Wednesday.
“We are glad to see the continuing recovery of the industry, with our clients expressing sustainable interest in purchasing our goods,” said Alrosa deputy CEO Evgeny Agureev. “However, in our view, it is very important to keep the...supply and demand [of rough diamonds] balanced under [the] current circumstances. To maintain the market balance and avoid excessive stocks accumulation, clients should have ample time to process and sell the goods they have purchased earlier.”
Alrosa holds 12 sales for long-term customers annually, with each one lasting around a week. De Beers, its rival, holds 10 sights, with the next one scheduled to begin on May 3.