ALROSA Sells 4 of 5 Dynasty Diamonds +30% Reserve Price, 51-Ct Stone Withdrawn

01/12/2017 17:44

ALROSA's first auction for the sale of The Dynasty collection concluded with an average premium of 30% on the reserve prices for four of the five diamonds, with the maximum excess over reserve at 52% the company writes; but they withdrew the 51.38-carat signature stone from the sale. More than 130 companies and private clients registered to participate in the bidding. In accordance with the company’s strategy, the goal of the first auction was to evaluate the upper bound of the price range that might be offered to the market. Therefore, the announced reserve prices far exceeded the expectations of the participants, which the company gathered during the collection's four-month international roadshow. The Russian miner was encouraged by the high level of interest from the market. The prices and buyers will not be disclosed

As to the largest gemstone, The Dynasty diamond, ALROSA said, "The market was not prepared for the significant excess of the average price per carat, given the polished diamond’s weight of 51.38 carats. ALROSA’s strategy for large gemstones is focused on maximizing the price; therefore, this diamond was withdrawn from sale." Yury Okoemov, ALROSA Vice President added, “Given the informed policy of maximizing the reserve prices for large polished diamonds, the final prices for four gemstones exceeding the reserve prices by about 30% in average confirms the high level of interest from the market and gives us rise to further develop this business.”