The De Beers Group of Companies recently announced that its Auction Sales business will offer midstream diamond companies the opportunity to sell certain types of polished diamonds to other trade participants on its auction platform.
The new limited scope, business-to-business pilot is an extension of the service for rough diamonds that was launched earlier this year. It follows existing customer demand for an equivalent service for their polished diamonds. As with the third party rough diamond auction pilot, any seller wishing to use the service will need to comply with a range of ethical requirements, including:
By ensuring that sellers comply with these additional requirements on integrity, polished diamond provenance and product disclosure, buyers will be able to bid on these stones with confidence.
In line with De Beers Auction Sales’ rough diamond service, the polished diamond service is available for single stones over five carats in weight or of fancy colour. The service will offer eligible diamond businesses a new route to market and enable them to benefit from De Beers Auction Sales’ expertise, technology and distribution network.
Neil Ventura, Executive Vice President, De Beers Auction Sales, said: “As a business, we’re always looking to innovate and find new ways to meet our customers’ needs. Testing new ideas through pilots such as this is an important part of this process and we look forward to seeing how the trade responds to the extension of the third party selling service – once we have some initial feedback we can decide whether there is sufficient demand to continue with it.“An important consideration was whether we could offer the same industry leading level of assurance regarding provenance – and with our provenance checking process, created in consultation with existing customers, we are confident that we are able to do so.”