RAPAPORT… Grib Diamonds registered sales of $35 million at its final tender of the year as rough prices rose amid robust demand for larger goods.
Prices at the December 11 sale increased around 5% compared with the company’s previous tender on October 25, Grib head of sales Antony Dear told Rapaport News Wednesday. A total of 450,000 carats sold, with rough weighing 2 carats and higher most in demand, he added.
The Antwerp-based company sells production from AGD Diamonds’ Grib mine in Russia. It uses “multi-round ascending clock auctions,” an online bidding system in which the second-highest offer wins.
The sale follows De Beers’ price increase of 1% to 2% for 0.75-carat stones and larger at its December sight, with customers reporting strong rough trading, especially in sizes that produce 0.50-carat polished and above.
Image: Rough diamonds. (Ilan Taché/Grib Diamonds)
Grib Rough Prices Rise 5%
The Bottom Line
- Grib Diamonds achieved $35 million in sales at its December 11 tender, selling 450,000 carats of rough diamonds.
- Prices increased approximately 5% compared to the previous tender on October 25, driven by demand for stones weighing 2 carats and above.
- The Antwerp-based company uses a multi-round ascending clock auction format and sources production from the Grib mine in Russia.
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