RAPAPORT... LUKOIL's diamond subsidiary, Grib Diamonds NV, will conduct an invitation-only first rough diamond auction online on September 23. The company will host a viewing session in Antwerp on September 15. The diamond inventory up for sale originated from V. Grib in the Arkhangelsk region of Russia.
The online tender will be a multi-split, ascending clock auction with the clearing price set by the highest losing bid.
"Grib Diamonds' aims at maximum transparency. All participating customers get a full data pack with the details of the assortments and a quality analysis," said Martin Leake, the head of sales for Grib Diamonds. "In the Grib Diamonds auction model, we let the market set the price, since that creates a win-win situation for both the seller and the buyer."
Those interested in becoming a spot market customer of Grib Diamonds must email the firm at info-at-gribdiamonds.be.