De Beers to sell other businesses’ diamonds

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De Beers is launching a pilot program that will allow diamond miners, manufacturers, traders and other entities to sell certain kinds of rough diamonds on its online auction platform.

The service will be limited to single rough diamonds that are larger than five carats or are fancy color. This means De Beers’ auction platform will still be mostly made up of its own diamonds. However, working with outside companies will allow the diamond miner and manufacturer the chance to test the demand for such a service.

According to a De Beers spokesman, sellers pay a percentage-based fee of their stone’s sale price to use the platform. The size of the fee varies based on the level of global exposure they request for their goods.

The service is only available to organizations that meet De Beers’ Auction Sales Rough Diamond Trading Standard, a set of criteria designed to ensure the stones are ethically sourced and screened to weed out any lab-grown or treated diamonds.

With this pilot program, De Beers hopes to widen the reach of its sales after years of being limited to sightholders.

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