ALROSA Completes First Diamond Auction of 2019

Russian diamond miner ALROSA (MCX:ALRS) has completed its first diamond auction of 2019. The sale was held in New York city and raised US$11.8 million for ALROSA.

As quoted from the press release:

ALROSA, the world’s leading diamond miner, held its first New York diamond auction this year. The company traditionally offered a range of special size rough diamonds (over 10.8 carats). The total revenue from the auction amounted to US$11.8 million.

The company sold 107 stones with a total weight of 1900 carats. Over 30 firms from the largest international trade centers, such as the USA, Israel, Belgium, India and the UAE participated in the auction.

“We held the first auction this year in the United States, selling almost 90 percent of the auctioned stones. In general, the market today is experiencing an increase in activity and interest in our products maintains stable. We invited about 20 American companies to this auction and some of them participated. The overall sales exceeded the total opening bid by 50 percent, amounting to US$11.8 million. Today this is the highest revenue from single auction since we resumed the operations of our USA office, which is now headed by Rebecca Foerster,” said Evgeny Agureev, Member of the Management Board, Director of the United Selling Organization at ALROSA.

Last year, ALROSA resumed its operations in New York and held two diamond auctions there, with overall revenue amounting to US$18.3 million. The company’s auction schedule for 2019 includes four auctions in the United States.

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