Grib Diamonds NV to auction first production in Antwerp Spot Market auction to take place online, on September 23

gribdiamondsAugust 22, 2014: 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).

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.
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