Russia's Gokhran – the country's depository of precious stones and metals – will stage a public auction of natural rough diamonds weighing 10.8 carats or more on the domestic market.
The auction will be held on April 12 on the premises of the Gokhran in Moscow.
The auction will be on a closed-type bidding pattern for the submission of bids by the participants of the auction for viewed diamond parcels, according to a report by Rough & Polished.
From March 10 to April 4, the Gokhran will put the stones intended on display.
The auction will be open only to diamond manufacturers based in Russia.
Companies will have to pay an up-front amount of RUB 60,000 (around $800) for participation in the auction.
The Ministry of Finance carries out such auctions on a regular basis, usually twice a year.
In the past year, it was planned to sell up to RUB 6.15 billion ($81 million) worth of precious metals and stones from Russia’s state reserves. This year, the sales target is set at up to RUB 7.1 billion ($94 million).
