Alrosa Auction Garners $16M

RAPAPORT... Alrosa sold $15.6 million worth of rough at a large-stoneauction in Israel last month. The 166 diamonds - each over 10.8 carats - weighed acombined 2,611 caratsand fetched an average price of $5,975 per carat, theminer said last week. The stones sold for more than one-and-a-half times theirasking price, Alrosa noted. Companies from Russia, Israel, Belgium, Hong Kong, theUnited Arab Emirates and the US participated in the auction, with 45 firms buyingstones. According to Russian law, rough diamonds above 10.8 caratsfrom the nation's mines can only be sold at auction. Alrosa plans to hold onemore sale in Israel this year - in Ramat Gan in November. Image: Rough diamonds. Credit: Alrosa.