10.8 is a medium size stone???
Posted on 02/15/2016 3:12:45 PM PST by dynachrome
The budget deficit, the Ministry of Finance will hold several auctions for the sale of diamonds from Gokhran - the total amount of 167.5 thousand carats.. For comparison: for the whole 2015 the Ministry of Finance sold 8.8 thousand carats.. For the first time will be sold only medium-sized stones - to 10.8 carats. Such diamonds on the market in abundance, experts say, and they are of special interest for the buyers do not represent, but oversupply may adversely affect the market and revenues in the budget hardly exceed $ 15 million (1.2 billion rubles).
The Ministry of Finance in its materials to hold two auctions for the sale of diamonds from Gokhran indicates that the auctions will be held February 29 and 10 March 2016, and exhibited items will only include diamonds weighing 10.8 carats. The ministry plans to sell 167.5 thousand. Carat diamond and gain from the sale of at least $ 15 million (based on the starting prices of lots).
(Excerpt) Read more at izvestia.ru ...
i little hard to follow.
It may be that the Russians are setting out to mess with DeBeers and upset the highly controlled diamond market.
I think they are missing a couple decimal points on their expected price. I’d be in for $90 a carat.
10.8 is a medium size stone???
In the 1920s, the Soviets were so broke Lenin (I think, could have been Stalin by then) sold off millions of dollars of stolen Russian art. Andrew Mellon bought it at super cheap prices then donated it to the National Museum of Art, which he funded, yet refused to allow his name to be put on it.
May be a little easier to follow. I picked up the story via Zero Hedge:
http://www.zerohedge.com/news/2016-02-15/russia-set-flood-diamond-market-firesale-167500-carats
Interesting. I did not know that.
thanks alot.
this is horrifying if Russia is so broke that 15 million?? dollars could matter at all.
There are houses in Manhattan that expensive.
“15 million?? dollars”’I’m not sure if the google translation is correct. sounds very low. Maybe Debeers will pay big to hold those diamonds back from the market.
Commies. Even when they’re ex-commies, they still sell into a market bottom.
Russia is supposedly making a big transition to Linux too. I guess MS licensing is too much even what little they are honest about.
I am surprised they have any diamonds left after the former Soviet insiders looted everything upon the fall of the communist government.
Diamonds are highly over-rated in this woman’s opinion.
Bloomberg has the sale being about $1billion.
Bloomberg article has these being rough uncut stones, not ring-ready stones.
Diamonds are also a scam. They are not even rare. It is just a great marketing success story.
I remember reading information about that.
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