Grib Diamonds Holding Online Auction Of Stones

(IDEX Online) – Grib Diamonds NV, a fully owned subsidiary of OAO LUKOIL, will hold its first auction of rough diamonds from the V. Grib diamond mine in the Arkhangelsk region of Russia. 

Grib Diamonds will hold viewings from September 15 in Antwerp and host an online auction via what it said is a sophisticated, state-of-the art auction platform that has been adapted to serve the company's needs.

The auction will be a multi-split, ascending clock auction with the clearing price set by the highest losing bid.

"Grib Diamonds' aims at maximum transparency," said Martin Leake, Head of Sales for Grib Diamonds.

"All participating customers get a full data pack with the details of the assortments and a quality analysis.

"In the Grib Diamonds auction model, we let the market set the price, since that creates a win-win situation for both the seller and the buyer."