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ALROSA Has Earned $67 Million Following Special-Sized Diamond Sales in 2012

11 april 2012

AK ALROSA has yielded a total of $67.1 million following three auctions of special-sized rough diamonds (weighing 10.8 carats and more), reported citing the data released by the diamond mining company. ALROSA has put for sale a total of 18,900 carats of large diamonds so far this year.
ALROSA’s revenue following the results of 1Q 2012 reached $1.2 billion, therefore special-sized diamond sales account for about 5.6% of the company’s total sales.
Three auctions of large diamonds were organized within the scope of the 49th edition of trading sessions, being the first in 2012. The auctions were conducted on February, 17, in Moscow, on February, 28, in Hong Kong and on March, 13, in Antwerp.
The first of the three sales featured rough stock procured by AK ALROSA as well as two of its largest subsidiaries – ALROSA-Nyurba and Almazy Anabara, arranged in 390 lots. The company offered a total of 868 stones weighing approximately 15,000 carats in the aggregate. The largest stone put for sale at the auction in Moscow weighed 204.44 carats. The auction was attended by 73 Russian and foreign buyers from Belgium, Israel, India, China, UAE, USA focused on trading in large rough and polished diamonds. Following the results of the sale ALROSA realized 362 lots worth a total of $46.3 million. The actual prices achieved were exceeding estimates by about 90%.
During the second sale in 2012 the participants (66 companies, including Russian, Chinese, Israeli, Belgium and Indian players) were offered 120 lots comprising 120 diamonds mined by AK ALROSA, having total weight about 1,900 carats. The largest stone weighed 67.9 carats. The auction resulted in sale of 106 lots worth $10.5 million, actual prices exceeding reserved prices by about 48%.
Following the third sale ALROSA fetched $10.3 million and posted prices exceeding the corresponding estimates by 42%. A total of 188 stones weighing about 2,000 carats were offered to 60 diamantaires, 104 lots were sold. The largest diamond put for sale had weight of 88.71 carats.
This year ALROSA intends to organize more auctions of special-sized stones, Interfax were reported at the company without further details.
Last year ALROSA conducted 9 auctions of special-sized rough diamonds which yielded $259 million following the sale of a total of 93,200 carats.