Alrosa Garners $9M at Hong Kong Auction

RAPAPORT... A yellow diamond sold for double its asking price at Alrosa'scolored-diamond auction in Hong Kong, the miner reported. The oval-cut, 15.11-carat, fancy-vivid-orangey-yellow polisheddiamond was the top seller at the miner's True Colours auction at the September Hong KongJewellery & Gem Fair, which fetched a total of $9 million. "The collection of large colored stones - all cut by ourcompany - which we brought to Hong Kong was the biggest in Alrosa's history," Pavel Vinikhin, director of Diamonds Alrosa, the miner's cutting division said last week. "We soldthe lots for well above their starting prices and consider the auction resultsto be very positive." Alrosa sold a total of 210 stones to more than 100participants from around the world, with the largest contingent of buyerscoming from China, it said. The miner plans to hold another auction in the near future,as Typhoon Mangkhut prevented many clients from attending the Hong Kong fair,it added. The company will hold additional True Colours auctions once or twicea year. Image: The 15.11-carat diamond. (Alrosa)