Alrosa: No Plans to Reduce Diamond Production
December 22, 24
(IDEX Online) - Alrosa says production during 2024 slipped by 4.6 per cent as G7 sanctions took effect and the global slowdown persisted.
But the state-controlled Russian miner insists it has no plans to reduce future production volumes.
Alrosa will have produced 33m carats by the end of 2024, compared to 34.6m in 2023, according to CEO Pavel Marinychev (pictured).
Alrosa confirmed last month that it was offloading part of its inventory to Gokhran, the Russian State Precious Metals and Gemstones Repository.
It is also planning to suspend some of its less profitable activities, and lay off some of its 35,000 workers in a move designed to save 10 per cent on its labor budget.
Alrosa will "fulfill its production plan this year," according to Tass, Russia's state-owned news agency, "with production volumes amounting to 33m carats of diamonds".
It reports Marinychev as saying Alrosa does not plan to reduce production volumes.
Alrosa has not published sales data since 2022, the year Russia invaded Ukraine.