Company DigestCompaniesLast updated: 18 February 2025

ALROSA Closed 2024 With a Positive Financial Result Despite a 20% Fall in Diamond Prices, Chief Executive Pavel Marinychev Says

ALROSA (ПАО «АЛРОСА») closed 2024 with a positive financial result despite a significant decline in diamond prices, chief executive Pavel Marinychev (Павел Маринычев) said on February 18, 2025, attributing the outcome to the optimisation measures carried out across the company. The average diamond price index fell 20% over 2024, to $107 per carat, according to De Beers (Де Бирс); ALROSA's EBITDA for the first half of 2024 was reported at 64 billion rubles, down 23%, and its consolidated net profit at 37 billion rubles, down 34%. The company also pointed to its record of remaining profitable through the crisis years of 2008 and 2009.

A positive result in a falling diamond market

MOSCOW, February 18, 2025 — ALROSA (ПАО «АЛРОСА») finished 2024 with a positive financial result even as diamond prices fell sharply, chief executive Pavel Marinychev (Павел Маринычев) said while visiting production facilities in Western Yakutia, in comments carried by the Yakutian television channel Almazny Krai (Алмазный край). "Taking into account the trends that were unfolding in the markets, we finished the year with a positive financial result... The result of our work is good, given the optimisation measures that we carried out together," Marinychev said. Corporate announcements, results materials and media information of the company are published on its website at https://www.alrosa.ru/.

Diamond prices: the index down 20% to $107 per carat

The statement came against a weak price backdrop. The average diamond price index for 2024 fell 20%, to $107 per carat, as previously reported by De Beers (Де Бирс). De Beers, described in the coverage as the world's largest diamond producer, expects a slightly negative EBITDA for the year — a contrast to the positive full-year financial result reported by ALROSA. The key figures behind the statement are as follows:

average diamond price index for 2024: down 20%, to $107 per carat, according to De Beers (Де Бирс);
EBITDA for the first half of 2024: 64 billion rubles, down 23%, on analysts' calculation;
consolidated net profit for the first half of 2024: 37 billion rubles, down 34%;
full-year 2024: a positive financial result, supported by the optimisation measures carried out across the company.

Optimisation measures and confidence in the plans ahead

Marinychev credited the outcome of the year to the optimisation programme conducted jointly across the company, and said the result gives ALROSA stability in its forward planning. "This allows us to look ahead with confidence, to remain a resilient company and to form our plans," he said.

What supported the 2024 result

the optimisation measures carried out across the company during 2024, which the chief executive cited as the basis of the good result;
a positive financial result for the year despite the significant decline in diamond prices on the world market;
the ability, in Marinychev's words, to look ahead steadily, remain a resilient company and form its plans.

A record of resilience: profitable through the 2008-2009 crisis

ALROSA has finished crisis years with profit before. Diamond sales were halted from December 2008 to March 2009; part of the production was sold to the Gokhran state fund (Гохран) for $1 billion; and the company's debt stood at 116 billion rubles at the end of 2008. Even so, net profit under Russian accounting standards was 3.8 billion rubles in 2008 — against an IFRS net loss of 32.6 billion rubles that year caused by exchange-rate differences — and 3.5 billion rubles in 2009. The sequence of those crisis-year events stands as follows:

December 2008 to March 2009 — diamond sales are halted;
2008 — part of the production is sold to the Gokhran (Гохран) for $1 billion, and debt reaches 116 billion rubles by the end of the year;
2008 — net profit under Russian accounting standards of 3.8 billion rubles, against an IFRS net loss of 32.6 billion rubles caused by exchange-rate differences;
2009 — net profit under Russian accounting standards of 3.5 billion rubles.

The historical parallel frames the 2024 statement: as in the previous downturn, a sharp fall in diamond prices did not prevent the company from closing the year with a positive financial result.