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De Beers Ventures into Polished Diamond Sales

First sale will take place June 29.
May 18, 2017 5:32 AM   By Rapaport News
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RAPAPORT... De Beers will start selling its own polished diamonds in auctions starting this June.

Under the pilot scheme, the miner will sell a range of polished stones manufactured directly from De Beers rough by third-party contractors, the company said Thursday. All the polished diamonds will carry grading reports from both the International Institute of Diamond Grading & Research (IIDGR) — De Beers’ in-house grading unit — and the Gemological Institute of America (GIA).

“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,” said Neil Ventura, the miner’s executive vice president of auction sales.

If successful, the process would give De Beers more information about polished prices, while also helping buyers fill gaps in supply or inventory if they were unable to find goods at the company’s rough auctions, he added.

All registered De Beers auction buyers will be eligible to bid in the first sale, which takes place on June 29.
Tags: Auctions, De Beers, Gemological Institute of America, GIA, grading reports, IIDGR, International Institute of Diamond Grading & Research, Neil Ventura, Polished Diamonds, Rapaport News, rough diamond
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