Alrosa diamonds initials deal with Sotheby's: firm

28th May 2013, Comments 0 comments

Russia's giant diamond producer Alrosa said on Tuesday it had signed a letter of intent with Sotheby's to auction its "large and unique" precious stones across the world.

The announcement comes ahead of the first planned offering by Alrosa of 14 precent of the company's shares on the market this autumn.

Alrosa has reported diamond reserves of 1.28 billion carats, making it the world's largest holder of the precious stone.

More than 90 percent of Alrosa is currently held either by the Russian state or the local government of Sakha -- the diamond-rich region of Siberia where the firm is based.

Alrosa said that the diamonds offered for sale at auction would be certified by the US-based Gemological Institute of America.

© 2013 AFP

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