The world’s largest diamond producer Alrosa will suspend some of its less profitable deposits.
The main diamond mining company in Russia Alrosa against the background of the industrial crisis, it will suspend the development of less profitable properties and reduce personnel. This was announced by the head of the company, Pavel Marinichev, The Moscow Times wrote on Thursday, November 21.
“This crisis is quite deep If you look at the duration, for the second year in a row we have recorded a continuous decrease in prices, of course, in a rather difficult situation , of course, is to survive, wait for this time, wait, when prices rise again,” he said.
The company plans to optimize production plans. The world’s largest diamond producer will close some of its less profitable mines, but bring them back into production when markets recover.
Besides, Alrosa the wage fund will be reduced by 10% due to the payment of employee managers, the introduction of part-time work, vacations at their own expense, and so on. The number of personnel will also be reduced.
Let’s remember that in September, diamond supplies from Russia to India decreased by 96%, or almost 25 times compared to the same period in 2023.
As is known, the G7 countries banned the import of Russian diamonds from January 1, 2024, and from March 1 extended the ban on the supply of processed stones to third countries.
Source: korrespondent
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