In more than five decades since its inception, De Beers Auction Sales has pioneered a revolution in the way rough diamonds are priced and sold. In 2008, it pioneered the industry’s first successful sales of rough diamonds using online auctions, offering customers fixed carat supplies. Auction Sales gradually evolved to selling greater product volumes with multiple-unit auctions in 2011 and, in 2013, offered a highly flexible security of supply proposition for customers with the launch of Forward Contract Sales.
In 2016, Auction Sales introduced additional spot sales in response to customer demand, allowing customers to purchase core rough products every two weeks rather than the standard industry practice of every four to five weeks. It also launched a pilot programme to sell third-party rough and polished diamonds, along with a new trading standard.
This new standard requires sellers to comply with a number of criteria, including seller integrity, stone provenance and product disclosure, so that buyers at these auctions can bid with complete confidence for the stones on offer.
De Beers Auction Sales serves one of the largest and most diverse customer bases in the industry and now accounts for the purchase, preparation and sale of around 10 per cent of De Beers’ rough diamond production by value. In a fast-moving world, the most forward-thinking companies are always on the lookout for the smartest innovations. With its proud history and pioneering spirit, De Beers Auction Sales continues to be a unique catalyst for business model innovation, leading the way in the evolution of the industry.