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Arjav Online Rough Auction Garners Over $12M

Jun 13, 2011 8:42 AM   By Avi Krawitz
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RAPAPORT... Arjav Diamonds sold $12.5 million worth of rough at its first online auction, the company reported. The auction focused exclusively on stones larger than 5 carats with 3,664.27 carats selling for an average price of $3,411.32 per carat. The two largest stones sold were the 74.70 carat "Star of Surat" and the 61 carat "Star of Gujarat."  

Arjav noted that 46 of the 60 lots on offer were sold with about 80 percent going to local Indian bidders. “This new initiative has brought the small traders in direct competition with the industry giants,” the company stated. “The success of this auction shows that Surat, where 90 percent of rough diamonds are polished, can be a hub for rough trading as well.”

Arjav, which is a subsidiary of Arjav Diamond Antwerp, said it plans to hold the auctions on a regular basis.

 

Tags: Arjav Diamonds, Avi Krawitz, Rough Diamonds, Surat
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