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.
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.