De Beers Auction Sales Launches Pilot Third Party Rough Diamond Selling Service

The De Beers Group of Companies Auction Sales business is to launch a limited scope service pilot offering diamond businesses the opportunity to sell certain types of rough diamonds on its online auction platform, according to a press release from the company.

The service is available for single diamonds over five carats in weight or for fancy color diamonds and will therefore represent a very small proportion of the diamonds sold on the De Beers Auction Sales platform. The service will only be available to those diamond businesses that adhere to the De Beers Auction Sales Rough Diamond Trading Standard. The standard requires sellers to comply with a number of ethical criteria, covering the areas of seller integrity, source of origin, WDC Warranty Declaration, product disclosure and compliance with the WFDB Charter.

“While this pilot will only represent a very limited amount of what is sold on our platform, it gives us the opportunity to test the strength of demand for such a service. By introducing these rigorous criteria for sellers, we hope that trading standards across the industry will continue to be elevated only eligible diamond businesses will have the opportunity to benefit from selling their high value stones through our innovative and well-established model,” explains De Beers Auction Sales Executive Vice President Neil Ventura.