Alrosa expects that the temporary suspension of diamond sales in September and October can stabilize the balance on the diamond market by the early 2024, the Russian diamond miner told reporters. Alrosa also noted that the company has always adhered to the practice of maintaining stability on the market and levelling its volatility.

“We expect that this will have a stabilizing effect to maintain balance on the market and strengthen the sustainability of the supply chain of rough and polished diamonds by the beginning of next year,” the company said. Alrosa also noted that the company has always adhered to the practice of maintaining stability on the market and leveling its volatility.

“The company’s strong and high-quality asset base and stable financial position make it possible to implement such measures,” Alrosa’s representatives clarified. Earlier India’s Gems and Jewelry Export Promotion Council (GJEPC) reported that Alrosa has suspended sales of rough diamonds for September and October due to low demand at the request of GJEPC.

In the letter GJEPC refers to, Alrosa notes that with the ongoing trend of declining demand, this decision will help prevent overstocking. In the letter GJEPC refers to, Alrosa notes that with the ongoing trend of declining demand, this decision will help prevent overstocking.

“This decision comes amid concerns about the diminishing demand for diamonds in international markets, leading to disruptions in factory operations and a reduction in resource allocation,” GJEPC says. “Alrosa has called upon all industry partners, including diamond mining companies, cutting facilities, and jewellery retailers, to adopt a similar responsible stance towards rough diamond purchases and sales. This collective effort aims to enhance confidence within the industry and strengthen relationships among all stakeholders,” GJEPC said.