Alrosa reported profit of RUB19.25 billion ($AUD340 million) for the year, a decline of more than 70 per cent on a year-on-year comparison. Revenue decreased by 26 per cent, reaching RUB239.07 billion ($AUD4.26 billion).
“Alrosa and its diamonds have been subject to sanctions by the US and other Western countries since Russia’s war in Ukraine began in February 2022,” writes Leah Meirovich for Rapaport News.
“Major markets, including India and Dubai, still permit imports of Russian diamonds. The miner’s report was its third full results statement since March 2022.
“On all three occasions, it withheld information on the destination of its sales, which usually shows the United Arab Emirates and India to be the largest buyers.”
The company detailed a 4.6 per cent decline in production in December, reaching 33 million carats. The European Union recently confirmed a second delay to the installation of a tracing scheme as part of a new round of economic sanctions against the Russian diamond industry in response to conflict in Ukraine.
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