November 19, 2020 – ALROSA in November successfully held competitive rough diamond sales in its foreign offices. Apart from two special size (over 10.8 carats) rough diamond auctions, the company held the international road show and competitive sales of fancy colored rough.
ALROSA sells large and fancy colored diamonds using competitive sales methods, such as auctions and collection of competitive bids. In November 2020 the company held auctions for diamonds larger than 10.8 carats at its offices in Israel and Dubai. Apart from these, in Israel and Belgium the company collected competitive bids for fancy colored rough. 64 percent of 130 lots weighting 8,200 carats were successfully sold.
At the special size diamond auction in Israel ALROSA sold 112 lots weighing 1,850 carats for a total of $9.8 million. At the auction in Dubai, 135 lots weighing 2,088 carats were realized for $14.5 million.
‘Our competitive sales results in November indicate the continuing demand for high quality goods, which started rebounding in summer and lasted through first Autumn months. Additionally, we put on tender a large assembly of fancy colored rough and showed it at two countries. Customers showed strong interest in colored as well as special size diamonds. We have signed more than 90 contracts with buyers from Belgium, Israel, India, UAE and Russia. We are glad to see the rebound of the trading activity in Dubai, where the auctions were resumed very recently after the break that lasted for many months,’ commented Evgeny Agureev, Deputy CEO of ALROSA.
Under the current legislation, ALROSA sells special-size (over 10.8 carats) rough diamonds at auctions only.
In March 2020, ALROSA suspended auctions due to the Covid-19 pandemic. Customers participated in online auctions with detailed digital copies of each rough diamond provided for review and detailed analysis. The company started returning to the usual format in May.