Antwerp: Grib Diamonds NV, a 100% owned subsidiary of OAO LUKOIL, announced that on September 23, 2014, it will hold a first auction of rough diamonds from the diamond mine named after V. Grib in Arkhangelsk region (Russian Federation), according to a press release issued by the Company.

Grib Diamonds will hold diamond viewings from September 15, 2014, in Antwerp, Belgium, and host an online auction via a sophisticated, state-of-the art auction platform that has been adapted to serve the company’s objectives. The auction will be a multi-split, ascending clock auction with the clearing price set by the highest losing bid.

“Grib Diamonds’ aims at maximum transparency. All participating customers get a full data pack with the details of the assortments and a quality analysis.” Dr. Martin Leake, Head of Sales for Grib Diamonds said. “In the Grib Diamonds auction model, we let the market set the price, since that creates a win – win situation for both the seller and the buyer”.

Parties keen to become a Spot Market Customer of Grib Diamonds NV are advised to email the company at info@gribdiamonds.be. They will then receive by return email a copy of the Grib Diamonds Expression of Interest Form. Participation in the auction is via invitation only.