Alrosa to Sell Diamonds at Sotheby’s

RT reported that following the signing of a memorandum of cooperation, Russia’s Alrosa (MCX:ALNU) is now able to sell its gems at Sotheby’s auctions.

As quoted in the market news:

The move is in conjunction with the company’s preparation for its planned October initial public offering. Initially it was reported Russia and the Yukutia republic would each offer a 7 percent stake in Alrosa, which will be underwritten by Goldman Sachs, but now, the Russian government has invited other investors.

Vladimir Potanin’s Interros has been invited to take part in Alrosa’s IPO, in order to ensure a competitor like De Beers, doesn’t get hold of a majority stake in Russia’s largest diamond company.

Kommermant reported officials are wary of Alrosa’s global competitors taking part in the IPO and “breaking the company into pieces,” that’s why a decision has been made to bring “a large domestic investor” on board.

Click here to read the full RT report.