De Beers to auction other miners’ diamonds

Leah Meirovich

De Beers’ auctions division will sell diamonds from other mining companies so clients can access a broader range of goods.

The company will pilot the new program this year, making it easier for customers to buy their entire supply in one place, Neil Ventura, De Beers’ executive vice president of auction sales, said in a blog post Monday. De Beers will use the test period to determine whether the strategy works for clients before making long-term plans.

While De Beers’ auctions unit currently sells about 10% of the total rough available to De Beers, this initiative could help grow the business, Ventura noted.

One message that’s come through from our recent customer engagements is a desire for us to develop our supply offering in certain areas, so that there is a fuller and broader range of material available for purchase,” Ventura said.

Based on this customer feedback, in 2018 we will be testing the potential to grow our core rough-diamond sales business through making some purchases from third-party sources,” he added.

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Source Rapaport