17 December 2017
Home Page About Us Services Publications Links
VIEWS
TACY'S MEMO
Opinion
Analysis
NEWS
Mining & Exploration
Rough Trade
Polished Wholesale & Manufacturing
Retail
Governmental
Labs & Trade and Industry Bodies
Branding & Marketing
Legal
Financial
Diamond Pipeline
Statistics
ARCHIVE NEWS - PRE 2008
People
Regional Issues
Created Diamonds
Civil Society
Ethics
Development Issues
Conflict Diamonds
Auctions
Kimberley Process
DIAMOND INTELLIGENCE BRIEFS
Diamond Intelligence Briefing 2017
Diamond Intelligence Briefing 2016
Diamond Intelligence Briefing 2015
Diamond Intelligence Briefs 2015
Diamond Intelligence Briefs 2014
Diamond Intelligence Briefs 2013
Diamond Intelligence Briefs 2012
Diamond Intelligence Briefs 2011
Diamond Intelligence Briefs 2010
Diamond Intelligence Briefs 2009
Diamond Intelligence Briefs 2008
Diamond Intelligence Briefs 2007
Diamond Intelligence Briefs 2006
Diamond Intelligence Briefs 2005
Diamond Intelligence Briefs 2004
Diamond Intelligence Briefs 2003
Diamond Intelligence Briefs 2002
Diamond Intelligence Briefs 2001
Diamond Intelligence Briefs 2000
Diamond Intelligence Briefs 1999
Diamond Intelligence Briefs 1998
Diamond Intelligence Briefs 1997
Diamond Intelligence Briefs 1996
Diamond lntelligence Briefs 1995
Diamond lntelligence Briefs 1994
Diamond Intelligence Briefs 1993
Diamond Intelligence Briefs 1992
Diamond Intelligence Briefs 1991
Diamond lntelligence Briefs 1990
Diamond lntelligence Briefs 1989
Diamond lntelligence Briefs 1988
Diamond lntelligence Briefs 1987
Diamond lntelligence Briefs 1986
Diamond Intelligence Briefs 1985
Diamond Intelligence Briefs 1984
TACY RESEARCH
Tacy's Reports
Tacy's Research
Tacy's Presentations
RESOURCE LIBRARY
Company Reports
Kimberley Process
NGO Reports
Government Reports
Conflict Diamonds
Producer Marketing Documentation
Trade Organization Guidance
Supplier of Choice
Legal Issues
LEGAL
Laws and Regulations
Court Documents
Anti-Money Laundering
Best Practice Principles
Compliance
Competition
Banking
FINANCE
Basel II
Compliance
Decisions
PICTURES
Botswana
De Beers Archive Pictures
Conference Photos
India
Zimbabwe
SITE MAP
MY ARTICLES
created by CyberServe
 Email this      Printer-Friendly Format    
DE BEERS’ AUCTION SALES PILOT PROGRAM TO OFFER 3RD PARTY B2B POLISHED SALES THROUGH ITS AUCTION PLATFORM
06 November 2016
De Beers' Auction Sales business has launched a new pilot program which will allow diamond companies meeting certain criteria to use its auction platform to sell certain types of polished diamonds.

A similar pilot program was launched in June this year for rough diamonds larger than five carats or of fancy color, while the polished diamond program has the same stipulation. There are also a number of ethical requirements which sellers will have to comply with in order to be eligible to use the service, including being able to show a chain of evidence of each diamond's manufacturing history and origin.

The full text of the announcement follows below:

DE BEERS AUCTION SALES LAUNCHES THIRD PARTY B2B POLISHED DIAMOND SELLING SERVICE PILOT

03 Nov 2016

The De Beers Group of Companies today announced that its Auction Sales business will offer midstream diamond companies the opportunity to sell certain types of polished diamonds to other trade participants on its auction platform.

The new limited scope, business-to-business pilot is an extension of the service for rough diamonds that was launched earlier this year. It follows existing customer demand for an equivalent service for their polished diamonds. As with the third party rough diamond auction pilot, any seller wishing to use the service will need to comply with a range of ethical requirements, including:

1.Seller Integrity: All sellers must comply with the Registered Seller Declaration of Compliance, Integrity and Probity, which outlines the requirements for auction participation, comply with the De Beers Best Practice Principles and comply with anti-corruption laws.

2.The De Beers Auction Sales Source of Origin Provenance Process: All polished diamonds must be accompanied by a suite of evidence that documents the diamond's manufacturing history. This enables De Beers Auction Sales to confirm that the polished diamond has been manufactured from a rough diamond whose provenance is assured through the Kimberley Process. The De Beers Auction Sales Diamond Trading Standard, initially introduced when the third party rough diamond selling service was launched, has been extended to provide assurance as to the provenance of polished diamonds.

3.Product Disclosure: All diamonds offered for sale on the platform must undergo a comprehensive three-level screening process to identify synthetic and/or treated polished diamonds.

By ensuring that sellers comply with these additional requirements on integrity, polished diamond provenance and product disclosure, buyers will be able to bid on these stones with confidence.

In line with De Beers Auction Sales' rough diamond service, the polished diamond service is available for single stones over five carats in weight or of fancy colour. The service will offer eligible diamond businesses a new route to market and enable them to benefit from De Beers Auction Sales' expertise, technology and distribution network.

Neil Ventura, Executive Vice President, De Beers Auction Sales, said: "As a business, we're always looking to innovate and find new ways to meet our customers' needs. Testing new ideas through pilots such as this is an important part of this process and 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.

"An important consideration was whether we could offer the same industry leading level of assurance regarding provenance - and with our provenance checking process, created in consultation with existing customers, we are confident that we are able to do so."
   Back»