“Russian diamond mining company Alrosa plans to cut costs for employees and production amid the crisis in the industry, suspending the development of the least profitable assets.”, — write: www.epravda.com.ua
Russian diamond mining company Alrosa plans to cut costs for employees and production amid the crisis in the industry, suspending the development of the least profitable assets.
About this informs The Moscow Times.
Alrosa, the world’s largest diamond producer, may temporarily shut down some fields but plans to bring them back to work as markets recover.
The company will reduce the wage fund by 10% due to the payment of managers of employees, the introduction of part-time working hours, vacations at its own expense, and others. The number of staff will also be reduced.
In addition, the diamond miner will reduce activity on a number of investment projects, slowing down the implementation of some development projects.
It is noted that the company has accumulated a financial cushion to survive the crisis, and is counting on possible support from the state in the form of the purchase of diamonds from the state fund in case of need.
We will remind:
In September, Russian shipments to India, the largest processing center in the world, fell down by 96%, or almost 25 times, compared to the same period in 2023.
Russia two years in a row shortens export of rough diamonds, the volume of exports during this time fell by more than a third.