De Beers to auction own polished diamonds for first time
De Beers has announced that it will auction polished diamonds manufactured from its own rough at its auction sales business for the first time in its history.
It is piloting the sales of polished diamonds accompanied by its grading business, the International Institute of Diamond Grading & Research (IIDGR) and Gemological Institute of America (GIA) grading reports.
The auction will give De Beers an insight to the level of customer demand when buying polished diamonds through this means.
Neil Ventura, executive vice president of auction sales, said: “We have a limited amount of a wide range of polished diamonds, so it makes commercial sense for us to trial this auction on our existing platform.
“We are interested in testing the level of demand from polished buyers for diamonds that have a clear and attractive source of origin, and that offer the assurance of product integrity that dual certification provides.
“Meanwhile, a successful auction would also generate an additional polished price reference in US dollars per carat. In addition, this will complement our existing rough auctions and enable buyers to fill supply and inventory gaps if they were unable to secure supply at our spot and forward auctions for rough diamonds.”