Russia's Alrosa to offer a rare 242-carat rough diamond at Dubai auction

Reuters

Posted at Feb 26 2021 10:45 PM

An employee shows gem-quality stones, including a rare 242-carat rough diamond that will be offered at the 100th international auction of Russian state-controlled diamond producer Alrosa, during a presentation in Moscow, Russia on February 25, 2021. The diamond is one of the biggest gem-quality stones Alrosa has mined this century, the company said. Tatyana Makeyeva, Reuters

MOSCOW - Russian state-controlled diamond producer Alrosa will offer a rare 242-carat rough diamond - one of the biggest gem-quality stones it has mined this century - for sale at a Dubai auction on March 22, the company said on Friday.

The crystal-clear diamond is the size of a small egg. Alrosa, the world's largest producer of rough diamonds, competes with Anglo-American unit De Beers.

"Rough diamonds, which potentially allow for cutting a polished diamond larger than 100 carats, are extremely rare in nature. Even less often are such gems tendered," Evgeny Agureev, Alrosa's head of sales, said in a statement.

Alrosa last offered a rough diamond of such a size at open auction five years ago. Russian law states that the miner must first offer its rough diamonds larger than 50 carats to the Gokhran state repository.

The diamond was held back until now to mark Alrosa's 100th international auction.

The auction price will start from $2 million. 

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