Sourcing

De Beers Now Selling Other Companies’ Polished Diamonds

SourcingNov 08, 2016

De Beers Now Selling Other Companies’ Polished Diamonds

It’s an extension of the pilot program the company launched earlier this year for rough diamonds.

De Beers is now giving other miners as well as midstream diamond companies the chance to buy and sell certain polished diamonds on its auction platform. (Photo courtesy of De Beers)

Singapore--De Beers announced that its auction sales business has launched a pilot program giving other diamond miners as well as manufacturers and traders the chance to sell polished diamonds on its auction platform.

An extension of the service De Beers began offering over the summer for rough diamonds, the polished diamond business-to-business sales service will only be for single stones weighing more than five carats or fancy colored diamonds of any size.

It also will include a three-level screening process to identify lab-grown and/or treated polished diamonds, neither of which will be sold on the platform.

Like the rough diamond service, sellers who want to put their diamonds on De Beers’ auction platform will have to comply with a range of ethical requirements, De Beers said, including the company’s Registered Seller Declaration of Compliance, Integrity and Probity.

All polished diamonds also must be accompanied by a “suite of evidence” that documents their manufacturing history and allows De Beers to confirm they were made from Kimberley Process-compliant rough.

“We look forward to seeing how the trade responds to the extension of the third party selling service; once we have some initial feedback we can decide whether there is sufficient demand to continue with it,” Neil Ventura, executive vice president of De Beers Auction Sales, said.

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

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