(Bloomberg) -- Russian diamond miner Alrosa PJSC paused sales for two months, citing weak market conditions.
The miner is temporarily halting the allocation of rough diamonds in September and October, Alrosa said in a memo to customers, which was seen by Bloomberg. The company “strives to reverse the existing trend of diminishing demand,” it said.
Read: Diamond Prices Are in Free Fall in One Key Corner of the Market
State-controlled Alrosa, which produces about the same amount of gems as industry leader De Beers, is under US and UK sanctions that were imposed right after the Kremlin sent troops to Ukraine. The company’s sales took a hit after US sanctions were first announced, but recovered by shifting volumes to Asia, mainly India.
©2023 Bloomberg L.P.
