Alrosa announced revenue and production results for the fourth quarter and full year of 2016. For the quarter, the company reported sales of 10.1 million carats against 7.1 million carats a year ago. Production was 9.3 million carats against 8.6 million carats a year ago. Sales from inventory was 0.8 million carats against negative 1.5 million carats a year ago.

For the year, the company reported sales of 40.1 million carats against 30.0 million carats a year ago. Production was 37.2 million carats against 38.3 million carats a year ago. Sales from inventory was 2.9 million carats against negative 8.3 million carats a year ago.

For the fourth quarter of 2016, the uncut diamond sales grew 21% year-on-year but fell 13% quarter-on-quarter to $849 million.

Alrosa's revenue rose 26% to $4.486 billion in 2016. Capital expenditure amounted to RUB 39 billion in 2016.

The 2017 production target is 39.2 million carats.

Capex is expected to fall to RUB 32 billion in 2017.

The company still plans to be mining more that 41 million carats annually by 2019 due to the ramp-up of production at its Severalmaz subsidiary and Udachnaya deep mine.