De Beers to Auction Other Miners' Diamonds

RAPAPORT... De Beers' auctions division will sell diamonds from othermining companies so clients can access a broader range of goods. The company will pilot the new program this year, making iteasier for customers to buy their entire supply in one place, Neil Ventura, DeBeers' executive vice president of auction sales, said in a blog post Monday. DeBeers will use the test period to determine whether the strategy works for clientsbefore making long-term plans. While De Beers' auctions unit currently sells about 10% ofthe total rough available to De Beers, this initiative could help grow thebusiness, Ventura noted. "One message that's come through from our recent customerengagements is a desire for us to develop our supply offering in certain areas,so that there is a fuller and broader range of material available for purchase,"Ventura said. "Based on this customer feedback, in 2018 we will be testingthe potential to grow our core rough-diamond sales business through making somepurchases from third-party sources," he added. The diamonds will come from a limited number of miners onwhich De Beers has carried out due diligence, and will only constitute a smallminority of the goods it offers, a company spokesperson told Rapaport News. De Beers also plans to update its website and builda mobile app to improve its service to clients, Ventura noted.Image: Namdeb