Russian mining giant Alrosa said revenues for the first half of the year reached RUB186.7 billion (about US$2.9 billion), up 42 percent from the same period a year ago on the back of moderate improvements in the diamond market.

Earnings before interest, taxes, depreciation and amortization rose 58 percent to RUB111.3 billion (about US$1.7 billion) while net income and free cash flow doubled year-on-year, the company reported.

Andrey Zharkov, CEO of Alrosa, commented, “The company’s 1H financial results were affected by the moderately steady diamond market and the ruble’s depreciation against the US dollar compared to H1 2015. Alrosa maintains a conservative outlook on the diamond market and executes permanent costs control.”

Alrosa earlier announced that it is placing 19 rough diamonds under the hammer, including a 401.97-carat stone as part of an international rough diamond auction and polished diamond tender.

The 19 lots, which have a total weight of 1,098 carats, are the property of Alrosa and JSC Almazy Anabara.

The polished diamond tender will feature 28 diamonds, five of which are more than 5 carats, with the largest round-cut diamond weighing 40.25 carats.

Sales are being held from August 23 to September 3 in Vladivostok, Russky Island. Auctions results will be announced on September 3.

[Source:- jewellerynewsasia]

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