Given the acute shortage of rough diamonds in the market, ALROSA plans to take part in the July auction to be held by Russia’s Gokhran, a state repository of valuables, which will put on the block rough diamond lots totally worth USD 114 million, Finam said citing RIA Novosti/Prime.
At its open auction scheduled for July 23, 2021, Gokhran will sell rough natural diamonds (except diamonds weighing 10.8 carats and more) having a total starting price of $ 113.986 million to Russia’s domestic market bidders.
“We plan to participate in the July auction of Gokhran. The global diamond market is now facing a significant shortage of rough amid a structural decline in production in 2020-2021 accelerated by the pandemic. Last year, world diamond production fell by about 20-25%,” Evgeny Agureev, Deputy CEO of ALROSA said cited by the company’s media communications to RIA Novosti.
“Now it is a good time to at least partially satisfy the high demand for diamonds amid an acute shortage. The state takes a very responsible approach to maintain the balance in the industry, and the amounts of rough supplied to the market are always consistent with real demand. Today these diamonds are in maximum demand,” he added.
Vladimir Malakhov, Rough&Polished
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