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Russia’s Gokhran auctions 350 special-size diamonds for $7.5 mln

31 october 2013

On Tuesday, the Russian Federation Ministry of Finance summed up the results of the public auction held by Gokhran (Russia’s State Repository) for the sale of special-size rough diamonds weighing 10.8 carats and above on the domestic market.
Following this second auction in 2013, Gokhran sold 350 exceptionally large rough diamonds totally weighing 5,893 carats worth more than $ 7.5 million, according to the agency’s representative cited by Prime.
"The auction offered 508 lots each having one stone, their total weight reaching 8,408 carats. The auction was attended by 28 diamond cutting companies. We evaluate the results as good and we hope that all the buyers will pay the amounts claimed on time. We shall not hold any more auctions this year," the representative of Gokhran said.
Gokhran held its first auction in 2013 in mid-April having sold 572 large-size diamonds, their total weight reaching 9,392 carats valued at $ 17.87 million. The auction offered bidders 709 lots each featuring one stone, their total weight being 11,592 carats.
In 2013, the Russian Federation Budget Code provides for selling precious metals and stones worth 10.97 billion rubles from the state repository, while 9.45 billion rubles are earmarked for acquisition to replenish the State Fund.