Alrosa cuts production target by up to 17%

Diamond major Alrosa on Friday announced that it would curtail 2020 production to between 28-million and 31-million carats, in response to the crisis unfolding in the global rough and polished diamond market.

The 2020 production guidance compares with the group’s initial guidance of 34-million carats for the year.

“The coronavirus pandemic and steps taken to fend it off have had their toll on the demand for diamond jewellery, which saw strong growth earlier in the year,” Alrosa said in a statement.