Alrosa Makes $17mn Diamonds Sale in Israel

Russian mining giant Alrosa has summed up the results of its auction of special size (over 10.8 carats) diamonds, held at the Israel Diamond Exchange (IDE) last week, the company said in a statement.

Alrosa sold 105 gem-quality rough diamonds totaling 1,906 carats in weight, raking in $17 million. More than 100 companies from Israel, Belgium, Hong Kong, India, UAE, the U.S., and Russia were invited to participate in that auction. According to the company, “44 companies were recognized as winners in different auction positions.”

“The results of this year’s last auction in Israel confirm the stable demand for our products in this country – the total starting price has been significantly exceeded. This year, we held six auctions in Israel and sold large rough diamonds for a total amount of $90 million,” said Evgeny Agureev, Alrosa’s chief executive.

Last month, the company sold its stake in a joint venture in Botswana to its partner, Botswana Diamonds at the country’s Sunland Minerals deposit.

Botswana Diamonds, which previously held 50 percent in a company exploring for diamonds in Botswana’s Central Kalahari Game Reserve, did not disclose the amount paid to Russia’s Alrosa or the name of the “large diamond producer with new ideas” that was close to acquiring the stake.

“New investment into Sunland could not be formalized until Botswana Diamonds took title to the Sunland shares,” Botswana Diamonds said in a statement on Thursday.

The joint venture was established in 2014 to test Alrosa’s exploration technology to identify new diamond-bearing kimberlites under the Kalahari sands.