Alrosa�s diamond sales remained stable in May as manufacturers continued to show demand despite challenges in the Indian market, the miner said Thursday.

Revenue from rough and polished goods stood at $365 million, down 9% from $401 million in April but higher than the $40.1 million the company reported during the peak of the coronavirus crisis a year earlier. This reflected strong appetite from the Indian midstream, which has maintained operations in the face of the country�s Covid-19 outbreak.

�Cutters and polishers [have] fully adapted [to the virus situation] and are able to process all available volumes of rough diamonds,� commented Alrosa deputy CEO Evgeny Agureev. �End demand for diamond jewelry remains robust in all key regions.�

The two largest diamond miners � Alrosa and De Beers � have seen strong trading since the start of the year as retail sentiment surged and manufacturers looked to fill inventory gaps. Sales slowed slightly in April and May because of a lack of rough supply, with prices across the market rising as a result.

Alrosa�s rough sales fell 10% month on month to $346 million in May, but jumped from last year�s $36.2 million. Polished revenues rose 6% compared with April to $19 million, and were well above the $3.9 million the company recorded a year earlier.

Meanwhile, jewelry sales for the entire US market rose 30% for the first four months of 2021 versus the same period of 2019, Alrosa added. In China, sales increased 10%.

Image: Rough diamonds. (Alrosa)