Russian diamond giant Alrosa reported selling some $250 million worth of rough and polished diamonds during October, thus projecting that total sales for the fourth quarter sales would meat the estimated goal of $680 million.



Alrosa President Fyodor Andreev confirmed the company met its debt reduction and restructuring goals, adding that Alrosa's total debt portfolio was reduced by $550 million to $3.25 billion.

 

According to a company press release, the Russian diamond miner expects rough diamond prices will continue to rise in the near future. Nevertheless, the company said in a statement, "Alrosa believes that major diamond producers – in shaping their price policies – must be focused on maintaining overall market stability, as the speculative factor poses a potential threat for the diamond business."



Addressing Alrosa's long term plans of becoming a public company, Andreev said that in management's view, such a move would be expedient from an economic point of view.