Alrosa Sells 70 Parcels At International Auction

Alrosa’s international auction of large diamonds closed last Thursday after bids were made for 70 of the 71 parcels offered to Russian and international bidders during the month long auction, fetching $7.5 million.

The Auction Committee informed participants of its decision after reviewing the bids and started signing formal sales contracts with the successful bidders on Friday September 5.

Until recently Alrosa and Russia's State Precious Metals and Gems Repository Gokhran were able to hold such auctions for large diamonds sized (over 10.8 carat) only among Russian companies.

The auction was open only to companies that received personal invitations to participate from Alrosa, which managed the auction. The 19 invited bidders, from the USA, India, Israel and Belgium, were informed in advance of the terms and conditions of the auction and also got a detailed list of the goods available for sale.

Bidders that chose to participate previewed the parcels at the USO Alrosa (United Selling Organization) and Diamond Chamber of Russia.

Alrosa plans to hold another similar auction to sell diamonds sized over 10.8 carat before the end of the year.