RAPAPORT… Prices for rough at Grib Diamonds’ most recent sale in Antwerp saw a steep hike as robust demand led to strong bidding.
The Belgian company, which sells production from AGD Diamonds’ Grib mine in Russia, garnered $73 million at its January 24 auction of goods weighing up to 10.79 carats. Grib sold 560,000 carats at an average price of nearly $130 per carat, Antony Dear, Grib’s head of sales, told Rapaport News Tuesday.
Prices increased more than 50% compared with equivalent items at the company’s previous auction in September.
“More than 300 customers were present at the auction and record demand was observed, with 174 companies placing competitive bids,” Dear noted.
Some of the lots on offer received nearly 200 live bids in certain rounds, Dear explained. The company received a total of 4,870 bids, with the number of winners coming to 47.
Image: Rough diamonds in a sieve. (Grib Diamonds)
Rough Prices Skyrocket at Grib Antwerp Auction
The Bottom Line
- Grib Diamonds sold 560,000 carats of rough diamonds at an average price of nearly $130 per carat during its January 24 Antwerp auction.
- Prices rose more than 50% compared to the previous auction in September, driven by robust demand and competitive bidding.
- The auction attracted over 300 customers and 174 companies placed bids, resulting in 4,870 total bids and 47 winning buyers.
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