Following the results of the recent international auction of special-sized rough diamonds (weighing 10.8 carats and more), organized in Yakutsk, AK ALROSA gained revenue of $2.2 million, according to a statement by the Head of Yakutian diamond trading enterprise of ALROSA Vitaly Gavriliev at a press conference, cited by Finmarket.ru.
Participants of the auction were viewing the stones put for sale from 27 till 31 August, 2012.
The auction of special-sized diamonds was organized within the scope of promotional tour named “Yakutian Diamond Week” and featured a total of 26 diamond lots weighing about 500 carats, 21 lots having been sold. The largest diamond put for sale at the recent auction weighed of 36.49 carats.
A total of 46 Russian and foreign companies (from USA, Belgium, Israel, India, China) specialized in dealing with large rough and polished diamonds, took part in the auction sale.
Previously ALROSA held a number of auctions organized in Moscow, Ramat Gan, Antwerp and Hong Kong, having realized special-sized rough diamonds worth a total of $181.3 million so far this year.
In 2011 ALROSA, which usually distributes not less than 60% of production via long-term contracts, conducted nine auctions on sale of special-sized rough diamonds having yielded in the aggregate $259 million. The total weight of rough diamonds put on auction sales reached 93,200 carats in 2011. According the ALROSA’s statement, in January – September, 2011, auction deals accounted for about 21% of the company’s total diamond sales, while in the fourth quarter of 2011 this share dropped to 12% due to weakening of demand.
Pricing of large diamonds is developed on individual basis as these stones are sorted subject to ranges of weight, quality, color and shape.
ALROSA usually releases results of auction sales of special-sized diamonds on its website. Meanwhile, trading sessions with long-term clients are not subject to public disclosure.
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