Industry News by Nemesis

Alrosa Auction Garners $17M

July 5, 2018

 

Alrosa sold $17 million worth of rough at a large-stone auction in Vladivostok last month, the Russian miner said Wednesday. 

The 121 diamonds — each over 10.8 carats — weighed a combined 2,000 carats, and fetched an average price of $8,500 per carat. The stones sold for more than one and a half times their original asking price, Alrosa noted. 

Companies from Belgium, China, Hong Kong, India, Israel, Russia, the United Arab Emirates and the US participated in the auction, with 36 firms making purchases. 

According to Russian law, rough diamonds above 10.8 carats from the nation’s mines can only be sold at auction. This auction is the second one Alrosa has held in Vladivostok this year. The miner plans to hold another two in September and November.

Image: Alrosa

 

Source: Rapaport

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