First ALROSA Auction Of Colored Diamonds Generates $9M

(IDEX Online) – ALROSA's "True Colours" auction of colored diamonds during the Hong Kong Jewellery & Gem Fair earlier this month raised $9 million.

The miner said that 210 diamonds were sold in the first round of the auction, with strong bidding and most lots sold for well above their starting price.

The so-called "hero stones" – diamonds with a particularly rare combination of qualities, generated enormous interest from bidders, the miner reported. There was strong interest from buyers around the world for an oval cut fancy vivid orangey yellow diamond weighing 15.11 carats, and during the course of the bidding the diamond doubled in price.

"The collection of large colored stones - all cut by our company - which we brought to Hong Kong was the biggest in ALROSA's history," said Pavel Vinikhin, Director of the DIAMONDS ALROSA cutting division. "We sold the lots for well above their starting prices and consider the auction results to be very positive."

Chinese companies were particularly active in the bidding, with nine of them buying 20 large stones between them.

"Chinese buyers showed special interest in colored diamonds of one carat and under. These stones were sold in groups, intended for use by jewelry manufacturers.

"During the auction, more than 100 participants from around the world were active on ALROSA's own electronic trading platform.

"It is noteworthy that Typhoon Mangkhut, which swept through the city during the Hong Kong Jewellery & Gem Fair, affected the auction results: many clients were unable to get to Hong Kong and view the lots at the Fair or in the company's office. ALROSA therefore plans to hold an additional auction in the near future.

"We also plan to hold the "True Colours" auction on a regular basis - once or twice a year. The results of the bidding clearly show that we have successfully taken another significant step towards our goal of becoming the world leader in the production of colored diamonds," Vinikhin added.

The diamonds at the auction were created from rough from the deposits of ALROSA's subsidiaries: Anabar Diamonds in Yakutia, and Severalmaz in the Arkhangelsk region.

ALROSA added that it possesses substantial reserves of colored diamonds and is also actively developing its cutting division, with a special focus on large and colored diamonds.