Arjav Diamonds' second online rough diamond auction, which closed Friday, saw lackluster results.

While the company had expected to do some $22 million worth of business on the 60 lots of diamonds up for sale bids were entered for only 40 of those lots – and only 19 were ultimately sold, seven of which went to the same buyer.

The rough diamond lots included solitaires weighing over 10 carats, but Arjav Diamonds Chairman Ashit Mehta said that what sold were diamonds in the average price range. Mehta said that rising polished diamond and gold prices could explain the auction's unimpressive results.