ALROSA Digital Tender Brings in US$8.8m for Rough Diamonds

Rough Market
11/05/2021 14:14

In April, ALROSA, the Russian diamond mining giant, completed an online auction for special-sized rough where nearly 95% of the lots sold. The auction, which took place without physical viewings, used digital twin technology so clients could analyze goods remotely and trace polished diamonds back to their mine.

The miner sold 142 lots, weighing approximately 2,040 carats, for US$8.8 million. The auction had 238 registered clients, of which 27 placed winning bids and were from Belgium, Israel, India, UAE, Russia, and the USA.

“Digital auctions for large, special size diamonds proved their attractiveness for our clients last year. Apart from the obvious benefits of choosing goods remotely while travel restrictions are still in place, they allow our clients to purchase rough for polished diamonds with guaranteed provenance. On client’s demand, ALROSA may provide tracing for diamonds polished from rough that were bought at auctions using digital twins technology,” said Evgeny Agureev, Deputy CEO of ALROSA.

The miner piloted digital auctions in 2019 for regular goods and hosted their first special-sized rough diamond auction in March 2020. By purchasing goods online clients can build tracing chains using cutting plans and polished diamonds’ parameters. The data unambiguously links polished gems to their initial rough, which ALROSA, in turn, verifies and adds to the diamond’s passport, stored within the company’s protected platform.