Grib Diamonds, the Antwerp-based marketing arm of Russian miner AGD Diamonds, conducted an auction on March 23, 2020, selling 90% of the lots on offer for approximately $20 million. Due to the spread of the coronavirus and the cessation of much of worldwide trade, prices were under considerable pressure, the company noted. This price decline was anticipated following the diminution in activity in the main centres of sales and processing of rough diamonds.
“Our customers have been with us for many years and understand and appreciate being able to purchase in a transparent manner both in the good times when prices are high but also in the bad times when prices are low," said Igor Prokhorenko, CEO of Grib Diamonds. "The ability to buy at market prices ensures that profitability is sustained and customers are able to start replacing the cost of their inventory. This is an essential part of our value proposition, and it allows us to see where the market is in downturns and also allows us to move quickly when the market turns upwards again."