The De Beers Group of Companies will start selling its own polished diamonds, starting with a pilot auction scheduled for June.
A broad selection of polished stones manufactured directly from its rough diamonds will be presented during the sale, according to the company. The polished diamonds will be accompanied by grading reports from the International Institute of Diamond Grading & Research, and the Gemological Institute of America.
De Beers occasionally uses a third-party contractor to cut and polish some of its rough diamonds.
The pilot auction will give De Beers an opportunity to assess what customers are looking for when buying polished diamonds through this channel.
“We have a limited amount of a wide range of polished diamonds, so it makes commercial sense for us to test this auction on our existing platform,” commented Neil Ventura, executive vice president of Auction Sales at De Beers. “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.” A successful auction would also generate an additional polished price reference in US dollars per carat, noted Ventura. “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,” added the De Beers official.
All registered buyers of De Beers Auction Sales will be eligible to bid in the polished diamond sale, which will take place on June 29. JNA