Moscow — Russian diamond miner Alrosa, the world’s largest producer of rough diamonds in carat terms, reported a 55% drop in first-quarter net profit on Thursday, blaming a stronger rouble.State-controlled Alrosa and Anglo American’s De Beers unit produce about half of the world’s rough diamonds.Alrosa announced a first-quarter net profit of 22.7-billion roubles ($404m) as earnings before interest, taxation, depreciation and amortisation (Ebitda) fell 41% from a year earlier to 35.2-billion roubles. Revenue declined 17% from a year earlier to 84.8-billion roubles. "Rouble appreciation against the US dollar, and a change in the product mix resulted in a decrease of gem-quality rough diamond sales year-on-year," Alrosa said. Revenue has begun to improve, rising 38% in January to March from the previous quarter as Indian demand for rough diamonds recovered. Alrosa has previously said it increased diamond production by 9% in the first quarter from a year earlier to 8.9-million carats, ...
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