Alrosa Nets $10.5M at Dubai Auction

RAPAPORT... Alrosa sold $10.5 million worth of rough diamonds at anexceptional-stone tender in Dubai, the miner said last week. The 111 stones - each over 10.8 carats - weighed a combined1,725 carats, and fetched an average price of $6,087 per carat. "The auction...concluded with excellent results for us," said EvgenyAgureev, director of the United Selling Organization Alrosa. The final averageprice was almost double the starting price, Agureev noted. A total of 32 companies from India, Belgium, Russia, the United ArabEmirates and the US bought diamonds at the sale, which took place from May 27to June 14. According to Russian law, rough diamonds above 10.8 carats fromthe nation's mines can only be sold at auction. The miner plans to hold anotherauction in Dubai later in the year.