27 May 2022 15:51

Alrosa not planning to suspend production amid sanctions - CEO

MOSCOW. May 27 (Interfax) - Alrosa is not planning to lay off employees or suspend production due to sanctions, the company's CEO Sergei Ivanov told reporters at Alrosa's Khozaktiv 2022 corporate forum on Friday.

"We don't intend to suspend our production operations. I am sure that throughout the year we will also fully abide by our social obligations. We do not see any prerequisites today to start any cuts or tighten our belts," Ivanov said.

At the same time, he noted that sanctions are affecting all participants in the diamond industry.

"Yes, we are facing some difficulties. We understand how to solve these issues. This year we will start piloting new machines, underground complexes," the Alrosa chief said.

Alrosa is the world's largest producer of diamonds in carats: the company accounts for 29% of global and 95% of Russian diamond production, according to the company's website. Its main operations are concentrated in Yakutia, the Arkhangelsk region and Africa.