De Beers’ auction arm is now letting participants bid for forward contracts instead of just parcels.
The new arrangement will give bidders an opportunity to determine the volume of goods they wish to purchase over a given period, the company said.
In the past, De Beers Auction Sales, formerly called Diamdel, was “unable to offer the consistency and regularity aspect at auctions, which is very important to customer,” said spokeswoman Lynette Gould.
Now the division will “create auction specific assortments based on demand and previous bidding behavioral patterns on a consistent and cyclical basis across all ranges of product,” she said. The division also will move its base of operations to Singapore in November 2013.
The change was made, the company said, due to a change in policy, which now stipulates that 10 percent of the company’s run-of-mine production should be sold through e-auctions.