Gokhran, the Russian depository is hosting a public auction of natural rough diamonds at its premises in Moscow. The auction only open to diamond manufacturers in Russia, is slated on April 12, and will offer stones of 10.8 carats or more, as per reports. Applications are being accepted with a deadline until March 11.

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.