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21 Mar, 2019 12:26

Russian diamonds fetch millions in Hong Kong

Russian diamonds fetch millions in Hong Kong

The world's leading diamond mining company Alrosa has sold more than a hundred of its rough and polished diamonds in Hong Kong. Total sales from the auction reached $10.5 million, according to the Russian miner.

The company reportedly auctioned special size rough diamonds weighing over 10.8 carats and sold 101 gemstones with a total weight of 1,829 carats.

“Considering the positive results of the auction, we can note that the demand for diamonds of the size category exceeding 10.8 carats remains stable,” Evgeny Agureev, director of sales for Alrosa said, commenting on the results of the auctions held as part of the Hong Kong International Diamond, Gem and Pearl Show.

The company said it had sold 56 stones, most of which are fancy colored diamonds, with a total weight of around 300 carats.

“That amount included two fancy yellow diamonds of ‘cushion’ cut, weighing 31 and 30 carats, their total value at the auction amounted to $815,000,” the statement reads. “The overall auction revenue [from sales of polished diamonds] totaled $4.1 million.”

The sixth Hong Kong International Diamond, Gem and Pearl Show ran from February 26 to March 2, bringing together 1,990 exhibitors from 33 countries and regions to showcase jewelry along with raw materials.

Alrosa, one of the world's largest producers of diamonds, accounts for about 25 percent of global production and 95 percent of all diamonds mined in Russia. In 2017, the company produced 39.6 million carats of diamonds, fixing a six percent increase from a year earlier. The company’s 2018 net profit rose 15 percent to 90.4 billion rubles ($1.4 billion).

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