Viewing of first Grib Diamonds Begins Today

Grib DiamondsAntwerp: The viewing of the first production of Grib Diamonds NV, a 100% owned subsidiary of OAO LUKOIL, will begin on Monday, September 15th, and will conclude on the following Monday. Consequently, on Tuesday September 23rd, the company will hold its first-ever, online auction of rough diamonds from the diamond mine named after Vladimir Grib in Arkhangelsk region (Russian Federation). The auction will be a multi-split, ascending clock auction with the clearing price set by the highest losing bid.

“It is not often that a new diamond mine comes on stream and new production is introduced to the rough diamond market” Martin Leake, Head of Sales for Grib Diamonds said.   “There is a lot of interest in the first sale of Grib Diamonds and we are looking forward to the auction itself.”

Ari Epstein, CEO of the Antwerp World Diamond Centre (AWDC) welcomed the decision by OAO LUKOIL to establish Grib Diamonds in Antwerp. “Antwerp remains the global hub for the international rough diamonds trade, and the AWDC, speaking on behalf of the Antwerp diamond business community is very pleased – and grateful – to LUKOIL for establishing Grib Diamonds in our diamond district. We regard this as a confirmation of Antwerp’s position and strength. Of course, we wish Grib Diamonds success, and the best of luck!” Epstein stated.

Thanking Epstein, Leake said that Grib Diamonds expects to add yet another dimension to Antwerp’s rough diamond trade. “Grib Diamonds aims at maximum transparency. All participating customers get a full data pack with the details of the assortments and a quality analysis. 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,” he stated.