Diamdel Holds E-Auctions

De Beers subsidiary Diamdel recently auctioned rough diamonds from its Web site, Diamdel.com, and said it was “delighted” with the results.

“Participation and results all exceed[ed] expectations,” a statement said. “Before the auction, all 16 lots were made available for viewing to potential buyers in several of the world’s major diamond centres. At auction the lots were sold to 14 buyers from around the world; with bidders actively participating in Antwerp, Tel Aviv, India, and the Far East.”

Some have wondered if the auction has ramifications for the future and presaged De Beers’ selling all its production by tender, as many small producers do. But De Beers managing director Gareth Penny, speaking at the Israel Rough Conference, minimized that possibility, noting the auction was an experiment covering “just a small percentage” of De Beers’ supply.

One interesting note: The auction was closed to U.S. buyers, most likely because of De Beers’ ongoing antitrust issues in the United States.