Alrosa Auction Fetches $14 Million
June 17, 04
Russian diamond miner Alrosa sold 54 parcels of rough diamonds, fetching $14 million at its 3rd international auction held May 11 to June 16 in Moscow.
40 invited bidders, all from outside of Russia, bought over 7,500 carats of rough diamonds at the auction, with the largest stone weighing over 98 carats.
It seems that with the success of the auctions, Alrosa’s appetite has grown. At its first international auction, held in August 2003, the company sold 70 parcels of 10.8 carat and bigger gems for $7.5 million to 19 bidders.
Immediately following the first auction the company announced it wanted to hold another before the end of the year. It wasn’t until March 2004 that it happened, but the miner already operated at a grander scale.
The second time around it already offered 97 parcels totaling 18,500 carats of rough diamonds to 38 bidders, raising a handsome $18 million.
While decreasing the selection, for the third international auction Alrosa increased the number of bidders - and in the process the price per carat. It’s not clear what goods were offered in each auction, but the doubling in per carat price must have put some smiles on the organizers' faces.