ALROSA reported that its sales of rough and polished diamonds rose 5 percent year on year to $1 billion in the first quarter of 2012.
ALROSA observed moderate growth of rough diamond prices and the company is expecting that trend to continue in the second quarter.
Rising demand for polished diamonds in China, India, and the U.S. coupled with a decrease in rough diamond production have been the main drivers of price increases in the global market, ALROSA explained.
The company reported that its net profit rose 23 percent year on year to $282 million (RUB 8.36 billion).
Earlier, ALROSA reported that sales in 2011 rose 28 percent to $4.45 billion.