Russia's ALROSA to raise diamond sales by 50 pc to $3.3 bn in 2010

Russian state diamond monopoly ALROSA plans to increase its rough and polished diamond sales by 50 percent to $3.3 billion by the end of 2010, the company said.

In 2009, the company sold diamonds worth $2.187 billion. In the first eight months of 2010, the company sold $2.6 billion worth of diamonds, and September sales are expected at $200 million.

ALROSA also plans to reduce its total debt to $3.2 billion by the end of 2010, from $3.5 billion in the first half of the year. Long-term loans accounted for 90 percent of the debt.

ALROSA is one of the world's largest diamond companies, accounting for 25 percent of global production.

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