Grib Diamonds To Hold Auction Online Of Diamonds

"Grib Diamonds' aims at maximum transparency," said Head of Sales for Grib Diamonds, Martin Leake.

Grib Diamonds NV, which os 100-percent owned by Russia's LUKOIL, will stage its first auction of rough diamonds from the V. Grib diamond mine in the Arkhangelsk region of Russia. 

The company said in a statement that it will hold viewings from September 15 in Antwerp, Belgium, and host an online auction using what it described as a sophisticated, state-of-the art auction platform that has been adapted to the company's needs.

The auction will be a multi-split, ascending clock auction with the clearing price set by the highest losing bid. 
 
"All participating customers get a full data pack with the details of the assortments and a quality analysis," Leake explained.

"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."