Reports suggest that the bidding would be on a closed-type bidding pattern for the submission of bids by the auction participants for viewed diamond parcels. Companies intending to participate would need to pay an up-front amount of RUB 60,000 (about $800). The stones would be on display between March 10 to April 4.
These auctions are held by the Ministry of Finance on a regular basis. Last year, plans were to earn around RUB 6.15 billion ($81 million) from sale of precious metals and stones from Russia’s state reserves, while this year the target is at around RUB 7.1 billion ($94 million), as per reports.
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