De Beers has launched an online trading service that enables third parties to sell polished diamonds to other businesses on the miner’s existing auction platform, reports Rapaport.
The rough trading platform De Beers introduced back in June is where this initiative stems from, which is open to midstream industry members.
Neil Ventura, executive vice-president of De Beers auction sales business, says, “once we have some initial feedback we can decide whether there is sufficient demand to continue with it.”
De Beers said all sellers must comply with a declaration of integrity. This means that diamonds must be accompanied by evidence of manufacturing history and go through a three-level screening process to better identify synthetic or treated stones. Knowing this information means buyers can confidently make bids without worry of quality.
De Beers has also shared that “rough diamond service, the polished diamond service is available for single stones over five carats in weight or of fancy colour. The service will offer eligible diamond businesses a new route to market and enable them to benefit from De Beers Auction Sales’ expertise, technology and distribution network.”
Ventura adds, “As a business, we’re always looking to innovate and find new ways to meet our customers’ needs.”