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Diamond Auction Nets Alrosa $10.3 Million

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(Kitco News) - A Hong Kong auction brought in $10.3 million for Alrosa's diamonds, the company announced yesterday.

The Russian diamond company said it sold 112 gem-quality rough diamonds with a total weight of 1910 carats. Bidders were from Hong Kong, India, Israel, Belgium, the United Arab Emirates and Russia. There were 23 winners out of 63 participants.

Despite a tough mining a market, an Alrosa representative said the results were positive.

"Despite the challenging situation in the diamond market today, the good results of the past auction confirm that Asian market has a stable interest in our products," noted Evgeny Agureev, member of the Executive Committee, director of the United Selling Organization ALROSA.

"Hong Kong is one of the most important centers of international diamond trade, so we regularly organize rough diamond sales here. The next auction will be held on the sidelines of Hong Kong Jewelery & Gem Fair in September. During the fair, we also plan to hold the second True Colours auction for colored polished diamonds."

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