Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Alrosa (MCX: ALRS) announced that it made $23.9 million in three auctions dedicated to celebrating its Jubilee Auction #100.
In the three events, special-size diamonds, which are gems over 10.8 carats, were auctioned. As per Russian legislation, this type of diamond must be sold at international auctions.
Jubilee Auction #100 was digital with an additional option of on-site viewings in Dubai, where three diamonds weighing 242.31 carats, 190.74 carats and 136.21 carats were tendered. According to Alrosa, proceeds from this auction totalled $7.7 million, while the digital version generated $5.5 million in revenue.
The other two events followed a traditional format, took place in Antwerp and fetched $10.7 million.
“This allowed us to ensure that as many clients as possible would have access to the goods despite the travelling restrictions that are still in place,” Alrosa’s deputy CEO, Evgeny Agureev, said in a media statement.
“It is fitting that we are evidencing this interest at this very moment, one year after diamond auctions and diamond trade as a whole were blast-frozen.”
