Revenues are expected at $2.3 – $2.5 billion, the official said, while reporting the company’s first-quarter results this week.

ALROSA, which had earlier reported a downfall in sales due to the Covid-19 pandemic, assumed the volume could be restored in August-September, fully recovering in the fourth quarter.

The coronavirus crisis has resulted in massive production shut-downs worldwide, including in the diamond industry. In April, ALROSA sold a total of just $15.6 million-worth of rough and polished diamonds. The figure was down from over $152 million a month earlier and from $400 million in sales at the beginning of the year. 

ALROSA is the world’s largest diamond miner by volume and accounts for over 90 percent of Russia’s diamond production. The pandemic has forced the company to suspend production at some of its fields.

For more stories on economy & finance visit RT’s business section

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