13-2-2020
Alrosa will relax payment terms for let long-term customers for its trading session in March starting this week as diamond sales shrank 14 percent to US$346 million in February.
The mandatory amount of rough diamonds required to be bought had been lowered from 55 to 50 percent. The mandatory minimum was at 80 percent back in 2018. Its clients are allowed to pay 40 percent of the and carry the remaining before the end of May 2020.
“Obviously, amid such market uncertainty, it wouldn’t be right to keep our customers tied to their original contracts. We hope that ALROSA’s flexible sales policy and support measures will help market participants adapt to the new conditions, and pass them successfully through,” said Deputy CEO Evgeny Agureev.