Russian miner Alrosa may soon be selling its diamonds at Sotheby’s auctions. In an announcement posted on its corporate website, Alrosa said it signed a Letter of Intent (LOI) with Sotheby’s on May 27. The agreement will enable the miner to sell “large and unique diamonds” at sales held by the auction house.
Diamonds offered for sale will be certified by the Gemological Institute of America, according to the miner. By signing the LOI, Alrosa will be able to further promote its brand and optimise the company’s cutting and polishing facilities, it added.
In the first quarter of the year, Alrosa produced nearly 7.5 million carats of rough diamonds.
A decline in rough supply by global producers coupled with increased demand for rough and polished goods in the first quarter of the year allowed Alrosa to achieve high rates in rough diamond sales, the company said.
Aggregate sales of rough and polished diamonds by the group amounted to $1.215 billion during the said period, 5 percent higher than in the same period in the previous year.