ALROSA Launches First Auction of Large, Fancy-Colored Polished Diamonds in HK

Mining and Exploration
14/09/2018 11:08

Russian diamond miner ALROSA presented its first ever collection of large, fancy-colored polished diamonds at the Hong Kong Jewelry & Gem Fair, marking the initial stage of their new strategy to become the world leader in the production of colored polished diamonds. The collection showcased in Hong Kong is comprised of 250 diamonds of different shapes and hues, with the auction scheduled for September 19. "ALROSA polished branch now focuses on the processing of large and coloured diamonds and the subsequent sales," said Evgeny Agureev, Director of the United Selling Organization of ALROSA. "We are the world's largest producer of diamonds, and that gives reason to believe that we are also ahead in terms of colored rough diamond production. Today, ALROSA produces at least 7 thousand carats of colored diamonds per year. We have all it takes to dominate the market of coloured diamonds. The collection presented in Hong Kong demonstrates our capabilities." 

The key stones of the collection, which are expected to be the most expensive lots, include a 11-carat diamond of rare yellow hue (fancy vivid yellow), an orange-yellow oval diamond of over 15 carats and a 11-carat cushion of noble purple colour (deep purple-pink). According to the Gemological Institute of America (GIA), the Deep Purple is the largest diamond of this color it has ever graded. Colored diamonds are found in all deposits of ALROSA, but two areas can boast of greatest reserves – alluvial mines of JSC "Anabar Diamonds" in Yakutia and the open pit of PJSC "Severalmaz" in the Arkhangelsk region. Starting in 2018, ALROSA now sorts colored diamonds according to a new technology that includes almost all hues and color grades. Most of these diamonds are processed by DIAMONDS ALROSA - the company's polished branch.

"One of the ALROSA’s competitive edges is the in-house cutting division, which gives us the opportunity to trace the history of each diamond from mine to market," Agureev adds. "Our diamonds enjoy a sterling reputation and comply with the highest ethical and environmental standards. We invest in our diamond cutters, providing extensive training and opportunities for professional development. This allows us to keep the tradition of the highest quality of gem cutting, the paragon of diamond cutting art also known as the "Russian cut."

Israel rough diamond auction garners $15.6 million

Just prior to the Hong Kong viewing, the company sold 166 gem-quality lots of special size rough diamonds (weighing over 10.8 carats) with total weight of 2,611 carats. Overall sales revenue amounted to $15.6 million. Firms from Russia, Israel, Belgium, India, Hong Kong, UAE and the US participated in the auction. 45 companies were recognized as winners in different auction positions. “The auction ended with good results - the starting price was exceeded by 1.5 times. This indicates a stable demand for our products not only in Israel, where the auction took place, but also in other major diamond trade centers. In 2018, ALROSA held five auctions at Israeli site to sell large-size rough diamonds, having already raised about $70 million,” said Evgeny Agureev. Under Russian law, diamonds of special sizes – weighing over 10.8 carats – can be sold at auctions only. ALROSA is going to hold one more auction in the Israeli Ramat Gan in November 2018.