The Rapaport Group will be offering 50,000 carats of polished diamonds at its monthly Melee Auction, scheduled to take place in New York from October 11-15.

Diamonds up for sale will comprise a variety of sizes up to one carat. In September's Melee Auction, just under 40,000 carats of polished diamonds were sold for a total $4.69 million.

In addition to its monthly sale, the Rapaport Group is also inaugurating an online auction that will sell stones directly from major diamond cutting centers to buyers. The Internet auction will only offer polished round diamonds of 0.50-10 carats certified by the Gemological Institute of America (GIA) as Excellent to Very Good, D-K, IF-VS2.