The pilot program is an extension to the De Beers service launched in June, which offers diamond businesses the opportunity to buy and sell certain types of rough stones through the company’s Auction Sales platform.
Under the new scheme, registered midstream diamond businesses will be able to sell single stones weighing more than 5 carats or of fancy colour to other registered parties.
According to a De Beers statement, the scheme was introduced following customer demand for an equivalent service for polished stones as there was for rough stones.
The service was said to provide eligible businesses with a new route into the market and enable them to benefit from Auction Sales’ “expertise, technology and distribution network”.
Businesses wishing to use the service were required to meet a range of ethical requirements aimed at ensuring buyer confidence.
De Beers Auction Sales executive vice president Neil Ventura said the company was always looking to innovate and find new ways to meet customer 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,” Ventura commented.
He added the business was confident its provenance checking process would offer an “industry leading level of assurance” to buyers.
A De Beers spokesperson told Jeweller third party sellers’ goods would be sold in distinctly labelled auction events and separated from De Beers’ merchandise.
The polished diamonds sales service, which is already up and running, is the latest update to De Beers’ sales model.
The company traditionally sells around 90 per cent by value of its rough diamonds through its Global Sightholder Sales business, with the remaining 10 per cent offered to registered buyers via the online auction platform.
It also loosened restrictions on its rough diamond supply in March 2015 to make a larger pool available to “accredited buyers” outside of its sightholder list.
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