Gokhran to auction 12,600 carats in large diamonds March 20
MOSCOW. Feb 17 (Interfax) - The Russian State Precious Metals and Gemstones Repository (Gokhran) will hold an auction for 556 large diamonds weighing 10.8 carats or more or a total of 12,600 carats on March 20, a source at the Finance Ministry, which is responsible for the Gokhran, told Interfax.
Russian diamond cutters Kristall and Ruis Diamonds have already registered to bid. The deadline for registering is March 2.
The Gokhran sold 3.l7 billion rubles in cut and uncut diamonds last year and targets sales of up to 5 billion rubles this year. It also plans to sell up to 7 billion rubles in precious metals in 2012.
The Gokhran sold 20,000 carats of large diamonds for around $58 million at one auction in 2011. It did not hold further auctions as it overshot its targeted revenue.