Russian Diamond miner ALROSA said that four polished diamonds were sold at the first auction of what it has namedThe Dynasty collection. The average premium was 30 percent on the reserve prices. More than 130 companies and private clients registered to patriciate in bidding. Buyers are not disclosed.

The company said its strategy was to evaluate the upper bound of the price range that might be offered to the market. Therefore, the announced reserve prices were far above what was expected by the participants after the four-month international roadshow of the collection. However, they still paid high premiums of the final prices for the four diamonds. The highest premium was 52 percent over the reserve price.

There was resistance during the roadshow from participants to the high asking per-carat price of the largest diamond, The Dynasty, the 51.38-carat stone after which the entire collection is named. But ALROSA’s strategy is to maximise the price of large diamonds and the diamond was withdrawn from the sale.

ALROSA Vice President Yury Okoemov observed, “Given the informed policy of maximising the reserve prices for large polished diamonds, the final prices for the four diamonds exceeding the reserve prices by about 30 percent on average, confirms the high level of interest from the market and gives us impetus to further develop this business.”

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