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Rapaport reported that major miner ALROSA (MCX:ALNU) may cut its diamond prices again in the second half of 2015. During the first half of the year, it lowered them by 6 percent.
Rapaport reported that major miner ALROSA (MCX:ALNU) may cut its diamond prices again in the second half of 2015. During the first half of the year, it lowered them by 6 percent.
As quoted in the market news:
Customers cancelled half of the orders placed at ALROSA’s trading session in July and it was considering another price cut because of slack demand. The mining company said on Tuesday ALROSA was stockpiling an increased quantity of rough diamonds rather than curbing production.
Igor Kulichik, ALROSA’s CFO, said in a conference call:
Cutting production leads to a (relative) rise in costs, so we better grow the stock.