Monday, May 27, 2013

Russian diamonds make it to Sotheby’s

Russia’s diamond company Alrosa will now sell its precious gems at Sotheby’s auctions. The two companies have signed a memorandum of cooperation, a statement released on Alrosa’s official web page on Monday says.
 RIA Novosti / Vladimir Astapkovich
The auction house will also provide marketing support to Alrosa, the report states.
Russian media in mid-March reported that the diamond company planned to sign this document, when it came to light Alrosa had held a trial sale and gained $500 thousand for two diamonds.
In early April an expert subcommittee of Russia’s State Precious Metals and Gems Repository blocked the sale of a Russian diamond weighing 47.48 carats at Sotheby's. The Repository recognized the stone to be unique and taking such gems outside Russia is banned by law. Alrosa tried to appeal the ban, stating the gem it was produced from was never recognized as unique but the Repository declined the appeal.
Alrosa sells diamonds wholesale and retail. Before teaming up with Sotheby's the company sold the gems on their own or participated in auctions. It also has a number of private customers from the US, Belgium, Israel, Hong Kong and India.

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