(Rapaport) - The Grib diamond mine in Russia, owned by the somewhat unlikely candidate of oil supplier Lukoil, is arguably the most prospective of the new generation of diamond mines. Therefore, its launch of commercial mining earlier this year and the first auction sale that took place in September should be viewed by the diamond industry with some interest. Significantly, production is being sold in Antwerp via spot auctions by Grib Diamonds – set up as a Belgium subsidiary of Lukoil – which may provide a benchmark for rough prices in much the same way that BHP Billiton’s auctions did when it was still in the market.
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