FAQs

1. Why is De Beers selling its products through online auctions?

2. How can I participate in the online auctions?

3. How are online auctions different to the traditional tender system?

4. Is there a registration fee or a subscription to participate?

5. Who is eligible to participate in an auction?

6. How will I know when an auction is scheduled?

7. What goods will be auctioned?

8. How can I find out what goods will be coming up for auction?

9. Once I win goods on auction, are there any extra charges over and above the price for the goods?

10. How do I know that De Beers Auction Sales is not manipulating the auction?

11. Are you going to give me a demonstration and show me how to use the system?

12. Do I need to have specific software loaded on my computer?

13. What about the time differences, will I have to get up in the middle of the night to bid?

14. How long will the bidding be open for?

15. Where will the goods be available for viewing before the bidding starts?

 

 

1. Why is De Beers selling its products through online auctions?

Demand for many De Beers Auction Sales products has reached a level of customer oversubscription that makes existing direct sales approaches unviable and unsustainable.

Our business strategy going forward is designed to make a wide variety of rough diamonds available to as many reputable clients in the market and as frequently as possible.

De Beers Auction Sales will auction goods on a regular basis and any client who has registered interest for rough products will have the opportunity to bid for them.

 

 

2. How can I participate in the online auctions?

To participate in De Beers Auction Sales’ events, you are required to submit an expression of interest online in order to be qualified as a customer. On the “Register” section of www.debeersauctionsales.com, you are required to provide full company and ownership details in an online form.

Upon successful registration, a De Beers Auction Sales representative will be in touch and will arrange for you to start viewing products and participating in the online auctions. You will then be sent a unique user name and password to access the bidding portal.

When an auction is planned that meets your demand for goods, you will then be sent an e-mail inviting you to take part in the auction.

For any further clarification, please contact any De Beers Auction Sales office most convenient to you.

 

3. How are online auctions different to the traditional tender system?

Online auctions differ from traditional tender systems in the following ways:

De Beers Auction Sales events are global and participants from any part of the world can bid in auctions relevant to them and goods may be viewed in multiple locations. It is a more transparent system as leading bids are not sealed with many auction designs we deploy and visible to all participants at the auction. Confidentiality is provided and identities are protected at all times. With online auctions, a buyer has the opportunity to make multiple offers (as opposed to a single bid tender) on products and bid as high as they wish. A buyer will not lose a parcel by a few dollars while they are willing to continue bidding. Buyers may start conservatively while bidding as opposed to placing their anticipated top price on the goods immediately. At times, De Beers Auction Sales events enable buyers to buy product for less than the highest price they would be willing to pay. For example, a bidder may enter a De Beers Auction Sales event with a budget of 100 and buy the parcel for 95 if there are no higher bids from other participants.

 

4. Is there a registration fee or a subscription to participate?

There is no registration or subscription fee to participate in De Beers Auctions. 

 

5. Who is eligible to participate in an auction?

Subject to meeting the De Beers BPP standards and certain exceptions, all registered customers are eligible to participate in the auctions. You will be invited to any auction event for goods you have registered an interest in.

 

6. How will I know when an auction is scheduled?

Registered customers will receive an email invitation informing them that a particular auction has been scheduled. The invitation will be sent to the email address that the customer submitted during registration.

7. What goods will be auctioned?

De Beers Auction Sales will auction various products at different times of the year, depending on availability and demand.

 

8. How can I find out what goods will be coming up for auction?

Invitations will be issued by email to all registered customers who have indicated an interest in the goods designated for auction.

De Beers Auction Sales. website will also carry a streaming notification of all goods scheduled for auction, so customers are advised to monitor the website regularly.

 

9. Once I win goods on auction, are there any extra charges over and above the price for the goods?

The only extra charge that might be levied on goods won on auction are shipping and insurance charges as well as any and all taxes, duties or other charges that may be payable. This will usually be mentioned in the terms and conditions of the auction for the relevant parcel and participants will be notified about it at the time of the event before bidding commences.

 

10. How do I know that De Beers Auction Sales is not manipulating the auction?

Curtis Fitch, a leading negotiations software company based in the UK, independently administers and manages all of De Beers Auction Sales events, ensuring that all our sales are executed in a secure, informative and customer-oriented environment with a full-audit trail and strong governance.

De Beers Auction Sales and the wider De Beers Group will not have bidding access to any parcels made available for sale through E-Auctioning under any circumstances.

 

11. Are you going to give me a demonstration and show me how to use the system?

Yes, absolutely. The system is NOT complicated. Participants will be given a demonstration and training on how to use the system. They will also be equipped with a manual from ‘CurtisFitch’ to use as a reference guide. Participants may contact their account executives for further help and support if required.

 

12. Do I need to have specific software loaded on my computer?

No specific software is needed on your computer. Access to the website is via web link through www.DeBeersAuctionSales.com

As long as you have completed the registration process you will receive a unique username and password which will allow you to access the system.

 

13. What about the time differences, will I have to get up in the middle of the night to bid?

De Beers Auction Sales plans to hold auctions at the most convenient times available to include the time zones of the respective participants registered for each event.

 

14. How long will the bidding be open for?

The bidding time frame for each auction will vary and this will be conveyed in the auction invitations sent out to participants.

 

15. Where will the goods be available for viewing before the bidding starts?

A viewing schedule will be distributed prior to each event, and will be published on www.debeersauctionsales.com , available to all registered customers.