De Beers Announces Polished Auctions

Rough Market
18/05/2017 19:57

Diamond miner De Beers Thursday announced it will start a pilot project in June, selling polished diamonds, manufactured directly from the company’s rough by third parties to registered De Beers Auction buyers. The polished goods will be accompanied by grading reports from both De Beers’ own International Institute of Diamond Grading & Research (IIDGR) and the Gemological Institute of America (GIA).

In the past, the mining company has occasionally used third party contractors to polish rough diamonds to assess if the rough the company supplies meets its customers’ polished output requirements. Through the auctions De Beers hopes to get a better understanding of polished prices.

Neil Ventura, Executive Vice President of Auction Sales, De Beers Group, said: “We are interested in testing the level of demand from polished buyers for diamonds that have a clear and attractive source of origin, and that offer the assurance of product integrity that dual certification provides.