(IDEX Online) – De Beers is to allow traders in exceptional polished diamonds to anonymously use its auction sales platform for the first time when it holds its exceptional polished stones auction on June 29.
De Beers Auction Sales will employ its platform governance rules to facilitate transactions, ensuring they flow smoothly, and reduce counterparty risk as both buyers and sellers deal directly with De Beers Auction Sales, the firm said.
All sellers must be registered 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 is only open to Registered Buyers.
All exceptional stones available for auction will be more than two and a half carats in weight, or of fancy colour, and verified by De Beers Group’s own International Institute of Diamond Grading & Research’s labs to confirm they are natural and untreated.
Almost 50 exceptional polished stones will be available at the first auction, including:
• A 7.21 carat, D color, 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
• A 20.64 carat Fancy Light Yellow, VS2, cushion cut diamond.
The separate auctions for third-party exceptional polished stones will occur on the same day as the first auctions of De Beers Group’s own polished diamonds, manufactured directly from its own rough. The separate auctions will be held back-to-back.
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.”