Grib Diamonds Holding Viewings Ahead Of Online Sale

(IDEX Online News) – The viewing of the first production of Grib Diamonds NV, a 100% owned subsidiary of OAO LUKOIL, will begin on September 15 and last for a week.

On September 23, the company will hold its first-ever, online auction of rough diamonds from the diamond mine named after Vladimir Grib in the Arkhangelsk region (Russian Federation). The auction will be a multi-split, ascending clock auction with the clearing price set by the highest losing bid.

"It is not often that a new diamond mine comes on stream and new production is introduced to the rough diamond market," said Martin Leake, Head of Sales for Grib Diamonds. "There is a lot of interest in the first sale of Grib Diamonds and we are looking forward to the auction itself." 

Ari Epstein, CEO of the Antwerp World Diamond Centre (AWDC) welcomed the decision by OAO LUKOIL to establish Grib Diamonds in Antwerp. "Antwerp remains the global hub for the international rough diamonds trade, and the AWDC, speaking on behalf of the Antwerp diamond business community is very pleased - and grateful - to LUKOIL for establishing Grib Diamonds in our diamond district. We regard this as a confirmation of Antwerp's position and strength," Epstein stated.

Meanwhile, Leake said that Grib Diamonds expects to add another dimension to Antwerp's rough diamond trade.

"Grib Diamonds aims at maximum transparency. 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," he stated.