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Russian Diamond Producer Alrosa's Profit Jumps on Higher Prices

Mined by Russian diamond producer Alrosa, the 14.83-carat diamond was cut from the largest pink crystal ever found in Russia. (AP)
Mined by Russian diamond producer Alrosa, the 14.83-carat diamond was cut from the largest pink crystal ever found in Russia. (AP)
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Russian Diamond Producer Alrosa's Profit Jumps on Higher Prices

Mined by Russian diamond producer Alrosa, the 14.83-carat diamond was cut from the largest pink crystal ever found in Russia. (AP)
Mined by Russian diamond producer Alrosa, the 14.83-carat diamond was cut from the largest pink crystal ever found in Russia. (AP)

Russian state-controlled diamond producer Alrosa on Friday reported second-quarter net profit of 30.2 billion rubles ($411 million), up 26% from the previous quarter, thanks to higher prices.

The world's largest producer of rough diamonds, which competes with Anglo American unit De Beers, is gradually restoring output after last year's 22% reduction to 30 million carats when global diamond sales were hit by the COVID-19 pandemic.

Net profit in the same quarter last year was a mere 300 million rubles ($4 million) because of the pandemic.

Demand for diamond jewelry continued to recover in the second quarter of this year, Alrosa finance chief Alexey Philippovskiy said in a statement.
"Our outlook for the end-consumer market remains positive.

The market is recovering faster than we predicted," he said, adding that diamond supply remains 20% below pre-pandemic levels and global production is unlikely to bounce back in the medium term.

Alrosa said it was on track to produce 31.5 million carats this year, with "an optimistic scenario" of additional growth of 5% growth.

The miner also cut its 2021 capital expenditure estimate by 4 billion rubles to 21 billion rubles, it said, adding that the board would recommend a dividend payment this month.

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Varieties

Billy Crystal, Mandy Moore Among Those who Lost Homes in Los Angeles Fires

A blackened US flag flies above a charred structure after the passage of the Palisades Fire in Pacific Palisades, California, on January 8, 2025. (Photo by AGUSTIN PAULLIER / AFP)
A blackened US flag flies above a charred structure after the passage of the Palisades Fire in Pacific Palisades, California, on January 8, 2025. (Photo by AGUSTIN PAULLIER / AFP)
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Billy Crystal, Mandy Moore Among Those who Lost Homes in Los Angeles Fires

A blackened US flag flies above a charred structure after the passage of the Palisades Fire in Pacific Palisades, California, on January 8, 2025. (Photo by AGUSTIN PAULLIER / AFP)
A blackened US flag flies above a charred structure after the passage of the Palisades Fire in Pacific Palisades, California, on January 8, 2025. (Photo by AGUSTIN PAULLIER / AFP)

Fires burning in and around Los Angeles have claimed the homes of numerous celebrities, including Billy Crystal, Mandy Moore and Paris Hilton and led to sweeping disruptions of entertainment events.
Three awards ceremonies planned for this weekend have been postponed. Next week's Oscar nominations have been delayed. And tens of thousands of Angelenos are displaced and awaiting word Thursday on whether their homes survived the flames — some of them the city's most famous denizens, The Associated Press reported.
More than 1,900 structures have been destroyed and the number is expected to increase. More than 130,000 people are also under evacuation orders in the metropolitan area, from the Pacific Coast inland to Pasadena, a number that continues to shift as new fires erupt.
Late Wednesday, a fire in the Hollywood Hills was scorching the hills near the famed Hollywood Bowl and Dolby Theatre, which is the home of the Academy Awards.
Here are how the fires are impacting celebrities and the Los Angeles entertainment industry:
Stars whose homes have burned in the fires Celebrities like Crystal and his wife, Janice, were sharing memories of the homes they lost.
The Crystals lost the home in the Pacific Palisades neighborhood that they lived in for 45 years.
“Janice and I lived in our home since 1979. We raised our children and grandchildren here. Every inch of our house was filled with love. Beautiful memories that can’t be taken away. We are heartbroken of course but with the love of our children and friends we will get through this,” the Crystals wrote in the statement.
Mandy Moore lost her home in the Altadena neighborhood roughly 30 miles east of the Palisades.
“Honestly, I’m in shock and feeling numb for all so many have lost, including my family. My children’s school is gone. Our favorite restaurants, leveled. So many friends and loved ones have lost everything too,” Moore wrote on Instagram in a post that included video of devastated streets in the foothill suburb.
“Our community is broken but we will be here to rebuild together. Sending love to all affected and on the front lines trying to get this under control,” Moore wrote.
Hilton posted a news video clip on Instagram and said it included footage of her destroyed home in Malibu. “This home was where we built so many precious memories. It’s where Phoenix took his first steps and where we dreamed of building a lifetime of memories with London,” she said, referencing her young children."
Elwes, the star of “The Princess Bride” and numerous other films, wrote on Instagram Wednesday that his family was safe but their home had burned in the coastal Palisades fire. “Sadly we did lose our home but we are grateful to have survived this truly devastating fire,” Elwes wrote.
The blazes have thrown Hollywood's carefully orchestrated awards season into disarray.
Awards ceremonies planned for this weekend have been postponed due to the fires. The AFI Awards, which were set to honor “Wicked,” “Anora” and other awards season contenders, had been scheduled for Friday.
The AARP Movies for Grownups Awards, which honor movies and television shows that resonate with older audiences, were set for Friday but have been postponed.
The Critics Choice Awards, originally scheduled for Sunday, have been postponed until Feb. 26.
Each of the shows feature projects that are looking for any advantage they can get in the Oscar race and were scheduled during the Academy Awards voting window.
The Oscar nominations are also being delayed two days to Jan. 19 and the film academy has extended the voting window to accommodate members affected by the fires.