Alrosa diamonds to sparkle at Sotheby's auctions

A letter of intent was inked on 27 May and comes ahead of a plan to offer 14% of Alrosa shares on the market later this year. The link-up follows a test auction of two 'fairly large stones' in New York for $500,000.

The agreement allows for Alrosa to sell some of its premium 'large and unique' diamonds on the world markets at various Sotheby's auction houses, it is understood. Alrosa - with its base in the Republic of Sakha, or Yakutia - is the world's largest holder of precious stones, and has reported diamond reserves of 1.28 million carats.

Diamonds sold under the agreement will be certified by the Gemological Institute of America. It will include diamond-encrusted jewellery, it is understood. 

The deal has been long reaching fruition and will give a new outlet for Alrosa which, until now, has sold to regular customers in various countries including Belgium, Israel, the United States, India, and Hong Kong - or through its own auctions. 

The pact will widen Alrosa's client base and boost the brand on international markets, it is hoped.