Alrosa’s Q2 Profit Up 26% as Market Recovers “Faster than Predicted”
Russian mining giant Alrosa raked in a net profit of $411 million in the second quarter of 2021 – a rise of 26% quarter-on-quarter, Mining Weekly reports.
Alexey Philippovskiy, Alrosa’s CFO, said in a statement that demand for diamond jewellery continued to recover in the second quarter, adding: “Our outlook for the end-consumer market remains positive. The market is recovering faster than we predicted.” Philippovskiy also said that diamond supply is 20% below pre-pandemic levels “and global production is unlikely to bounce back in the medium term.”
The Russian miner is on track to produce 31.5 million carats this year, with “an optimistic scenario” of additional 5% growth.