The sellers could include other producers, non-sightholders, even lenders
Qualified buyers can now sell rough on De Beers’ auction platform, even if it comes from other company’s mines, De Beers announced last week.
The sellers could include other producers, midstream businesses (including both sightholders and non-sightholders), downstream retailers, or industry lenders, the company says. The goods must fulfill the company’s source of origin criteria.
The rough is sold over “the same tried and tested auction format that we have used successfully to sell our own stone,” says spokesperson David Johnson. “With our established customer base of leading diamond companies we also believe we have an excellent ability to expose products to the best buyers.”
The pilot “explores whether there is demand from other businesses to use our platform and benefit from our technology,” he adds.
Sellers must be registered customers with De Beers auction sales, which stipulates a background check and other requirements as part of the process, as well as compliance with a set of standards covering seller integrity, source of origin, and stone screening.
More information can be seen here.