Grib Diamonds Sells $20M in Rough Despite Challenging Market

Grib Diamonds, the Antwerp-based marketing arm of Russian miner AGD Diamonds, on June 16 sold over $20 million of rough diamonds from its fully-owned Grib Diamond Mine in Russia. Despite the troubled times the rough diamond market is going through, Grib was able to sell more than 90% of the goods on offer and approximately 350k carats.

Using its online appointments system and having introduced new measures to ensure the safety of all attendees and staff, over 150 companies were able to attend the viewing in Antwerp. In a display of trust in its well-known sales assortments, some Grib customers that were unable to attend due to travel restrictions were even prepared to bid blind. Grib noted in a statement that the company would like to extend its appreciation for the continued support and loyalty of its customers whose participation in the sale was the key factor for the success of this auction.

Grib CEO Igor Prokhorenko said, “We are delighted to be able to place these goods in Antwerp, the most important diamond trading centre in the world. Our world-class auction system continues to outperform and the results show that we can sell successfully under any market conditions. We have ample viewing facilities and processes in place that would enable us to sell productions from anywhere in the world.”

Photo credits: Envato Elements