Alrosa withdrew the 51-carat Dynasty diamond from its auction of a polished collection after realizing it would not fetch the price that the company had wanted.
The Russian miner will now try to sell the stone at another auction, it said Friday. It has not yet disclosed details of that event. The company would not say how much bidders had been willing to spend on the round, D-color, VVS1-clarity, triple-Ex stone.
The diamond was the centerpiece of the five-piece Dynasty collection that Alrosa cut and polished from one rough stone. The other four diamonds sold to anonymous buyers at an average of 30% higher than their reserve prices. More than 130 companies and private clients registered to participate in the bidding, which took place online as a “silent” auction, Alrosa said. One of the diamonds sold for 52% more than the minimum that it had stipulated.
The selling prices of these four stones “confirm the high level of interest from the market,” and give the miner an impetus to develop its polishing business further, said Yury Okoemov, the company’s vice president. The company, which gets most of its revenue from mining, had presented the collection as a tool for showcasing its polishing business.
Alrosa named the collection for the Russian dynasties that were influential in building up the country’s jewelry industry. The Rapaport Group displayed the diamonds in its New York office ahead of the auction in collaboration with the miner.
Alrosa did not disclose the final selling prices.