Russia Auction of +10ct Goods to Complete Nov. 6

RAPAPORT… Russia`s Finance Ministry set the date for an auction of diamonds weighing better than 10.8 carats on November 6. Bidders for the auction are being accepted through October 12.

Diamond cutting and polishing firms are allowed one application per company and the deposit fee for the auction is about $1,200. In 2006 the ministry auctioned roughly $124 million in rough goods during two sales.