RAPAPORT… Alrosa has introduced a digital auction for its large rough diamonds in an effort to minimize disruption to its sales during coronavirus-related travel restrictions.
The tender, which began Monday and runs through April 6, will take the place of the miner’s live auction, it said Wednesday. Customers will be able to see a full 3D digital scan of each rough diamond, along with information about its external shape, internal inclusions, anticipated color, and fluorescence, the company noted.
“The health of our employees and customers is essential [to] us,” said Alrosa deputy CEO Evgeny Agureev. “This is why we decided to cancel upcoming auctions and shorten those already in progress. [The digital tender] will not replace the traditional trading model, but becomes a solution for those who are ready to work remotely right now.”
Alrosa has been holding monthly digital tenders since October 2019, with its customers using the technology to select rough diamonds for purchase prior to coming to the miner’s office, Alrosa added.
Image: A 191-carat rough diamond Alrosa recovered in 2019. (Alrosa)
Alrosa Launches Digital Tender for Large Rough
The Bottom Line
- Alrosa replaced its live auction with a digital tender running from March 30 to April 6 due to coronavirus travel restrictions.
- Customers can access 3D digital scans and detailed information on each rough diamond, including shape, inclusions, color, and fluorescence.
- The digital tender supplements Alrosa's traditional sales model and builds on monthly digital tenders started in October 2019.
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