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Alrosa, the world's largest producer of diamonds, will sell a 242.31-carat rough diamond at a Dubai auction from March 14 to 21. It is the largest gem-quality diamond found by Alrosa since 2000, with an estimated starting price of more than $2 million.
The diamond was discovered more than a decade ago in the Nurbinskaya region of eastern Russia, and is being sold to commemorate the 100th edition of the Alrosa International Diamond Auction.
is also participating in the auction of two other giant diamonds, weighing 190.7 carats and 136.2 carats.
The last time Elrosa sold a diamond of similar size was in 2003. Evgeny Agureev (Chief Sales Officer of Alrosa) said that in the past 10 years, more than 200 carats of diamonds auctioned by Alrosa "add up to only one hand to hold so much". Because these stones are so rare, and Alrosa prefers to be able to cut and grind themselves.
After the epidemic last year, the international diamond market finally recovered rapidly in the second half of the year. Alrosa's "old friend" DeBeers finally broke the pre-epidemic level in January, which is regarded as an important milestone in the rebound of the diamond industry. Dmitry Glushakov, head of the Metals and Mining Research Center of
VTBCapital (VTB), believes that the positive state of the rough stone market will continue for several months. This will allow mining companies to sell some of their inventories.
VTB believes that total global rough diamond production in 2020 will be about 112 million carats, down 19% from 2019. VTB estimates that there will be no change in diamond production in 2021 for loose diamonds, and the decline in production due to the closure of Rio Tinto's Argyle mine will be largely offset by increased production by other mining companies.
