The global leader in diamond mining, Russia’s Alrosa, says it expects to discover new gemstone deposits shortly. The firm accounts for almost a third of global rough-diamond production.
“We have huge geological exploration activities, and still expect major discoveries in Yakutia,” Alrosa’s CEO Sergey Ivanov told RBC TV Channel.
He detailed that the company’s geologists “are quite close to the discovery.”
According to Ivanov, Alrosa expects stable demand for its diamonds in December and in the first quarter of 2019. He noted that growth will mainly come on the back of the Chinese and Indian markets.
“We expected that demand from China would have double-digit growth rates, but perhaps there will be a slight decrease because of the trade war. Nevertheless, the growth rate is good, particularly demand for diamond jewelry,” said Ivanov.
An open pit diamond mine in Yakutia, Russia © Global Look Press / Bai Xueqi
Alrosa’s total diamond sales grew six percent year over year in January-October, amounting to $3.9 billion. The company sold rough diamonds worth $3.8 billion, while sales of polished diamonds totaled $83 million.
Last month, Alrosa opened a huge new diamond deposit in Russia’s northeastern region of Yakutia. The project was launched by Russian President Vladimir Putin, who said that the launch of the new field “will strengthen Russia’s leadership in the global diamond market.”
According to Putin, “Russia is a country of enormous natural wealth, and the diamonds of Yakutia are another national treasure of which we are proud.”