Alrosa Holds First Tender of Diamonds on Shanghai Exchange

(IDEX Online News) – Russia's Alrosa has held its first tender of rough and polished diamonds on the Shanghai Diamond Exchange (SDE).

The tender was held under the terms of the Letter of Intent signed by Alrosa and the SDE last April and was held to test the operation and interest in such tenders.

Alrosa reported that 35 companies took in the inspection sessions for both rough and polished diamonds. The tender raised $505,362 for the sale of rough diamonds, and $245,389 for the sale of polished stones.

Alrosa said the results of the tender were positive, with SDE members showing strong interest, and further such sales are planned.

Alrosa said the Letter of Intent signed with the SDE is aimed at developing relations with Chinese companies. Previously, Alrosa signed a long-term agreement for the supply of rough diamonds to leading Chinese jewelry manufacturer and retailer Chow Tai Fook Jewellry Group Limited.