De Beers Hosts First Auction For Third-party Polished Diamonds
Sellers and buyers of responsibly sourced polished diamonds transacted anonymously via the De Beers Auction Sales platform for the first time this year, when the exceptional polished stones auction was held on June 29th.
Buyers and sellers benefited from the confidence of using the platform for exceptional stones and accessing its expertise, technology and distribution network to undertake sourcing and sales of a range of highly desirable polished stones.
De Beers Auction Sales employed its platform governance rules to facilitate transactions, ensuring they flowed smoothly, and reduced counterparty risk as both buyers and sellers dealt directly with De Beers Auction Sales.
As is the case with the business’ third-party rough auctions, all sellers were required to register and comply with the De Beers Auction Sales Diamond Trading Standard, which sets out strict criteria in relation to seller integrity, diamond provenance and product integrity. Purchasing was open only to registered buyers.
All exceptional stones available for auction were more than 2.5 carats in weight, or of fancy colour, and verified by De Beers’s own International Institute of Diamond Grading & Research’s (IIDGR’s) labs to confirm they are natural and untreated.
Almost 50 exceptional polished stones were available at the first auction, including: a 7.21-carat, D colour, flawless pear-shaped diamond; a 1.57-carat fancy vivid yellow, internally flawless, cushion-cut diamond; a 5.53-carat fancy yellow, VS1, cushion-cut diamond; and a 20.64-carat fancy light yellow, VS2, cushion-cut diamond.
The separate auctions for third-party exceptional polished stones occurred on the same day as the first auction of De Beers’s own polished diamonds, manufactured directly from its own rough. The separate auctions were held backto-back, allowing buyers to source all polished on one day.
Neil Ventura, executive vice president, De Beers Auction Sales, said: “This platform for exceptional third-party diamonds, and the auctions of De Beers Group’s own polished diamonds, offer buyers new opportunities to purchase attractive, responsibly sourced diamonds that have been validated by De Beers as being natural and untreated.
“While both polished auction initiatives are still in the pilot stage, we look forward to the learnings we will receive from these first events so that we can continue to innovate and enhance our offering to our customers – both buyers and sellers.”