DAuction House and Antwerp Diamond Exchange Sign Long-Term Agreement

(IDEX Online News) – Recently launched Antwerp-based diamond selling channel DAuction House has signed a five-year agreement with the Antwerpsche Diamantkring (ADK).

Speaking after the completion of the deal, ADK president Freddy Inzlicht said that DAuction House represented a new out-of-the-box initiative, which created a new way to market diamonds.

The company will hold an auction at the ADK’s trading hall, the first to ever take place in an Antwerp diamond exchange. “As the leading city of world diamond trade, DAuction House could turn into a world leading auctioneer holding its diamond sales in the heart of the Antwerp diamond district,” said Inzlicht.

DAuction House manager Erez Rivlin said that auctions protected the buyer, as opposed to the tender system that tends to favor the vendor. He said that in his experience, buyers at tenders have offered 20-30 percent more than the next highest competing offer – whereas in this auction, the increments will be around 2 percent.

Anshul Gandhi of Choron Diamonds, who attended the viewing of the diamonds said, “We are happy to participate in this project and we welcome new initiatives that makes the way we buy and sell diamonds more efficient.”

DAuction House is offering approximately $25 million of polished diamonds at its auction on February 3. More than half of the goods are fancy colors, with more than 30 stones weighing in excess of 10 carats.