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118 straight from Russia to Antwerp

AGD Diamonds has recovered a 118.05-carat, gem-quality diamond from its Grib mine in Arkhangelsk, Russia.

The stone, which the miner unearthed last week, is AGD’s fifth over 50 carats this year, it said Friday. The discovery follows the sale of a 7-carat purple diamond with a pink tinge, for which it garnered $100,000 per carat at tender in July, a record average price for the company.

Russian investment firm Otkritie Holding has owned AGD since purchasing it from Lukoil for $1.45 billion in 2017. As part of that deal, 5% of production remains in Russia for sale by the government, with the remainder exported to the group’s Grib Diamonds subsidiary in Antwerp.

At Grib Diamonds’ most recent sale in September, it sold around 550,000 carats for approximately $45 million.

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