ALROSA to Boost Diamond Output in 2016

Rapaport reported that ALROSA (MCX:ALNU) plans to increase its diamond output to 39 million carats in 2016. That’s up from the 38 million carats it’s expected to produce this year.
As quoted in the market news:

“Production volumes remain in line with the targets factored into the company’s long-term development program, in other words about 39 million carats,” Interfax cited the executive as saying in an interview with the miner’s media outlet. “We expect that the situation on the rough and cut diamond market should stabilize next year. And in general, we expect that there might be an improvement in the second half of the year.”
The news comes despite ALROSA’s first vice president, Ilya Ryashchin, saying in a call with analysts last month that the miner might “reconsider” its production volumes because of the size of its inventory.

Click here to read the full Rapaport report.