Mining giant Alrosa held its first tender of rough and polished diamonds at the Shanghai Diamond Exchange (SDE), churning revenues worth over $700,000, reports say.

This tender was the first step for Alrosa to expand its reach in China, for which it had signed an agreement with the SDE in April 2013.

The rough diamond sales contributed $505,362 to total revenues, while polished diamond sale contributed $245,389, reports add.