De Beers is introducing forward contract sales for its auction customers, a move that allows them to determine the volume of goods they want to purchase over a given period.
Spot auction events will continue to be held, providing customers with additional flexibility to purchase the type and quantity of goods they need.
About 10 per cent of De Beers’ rough diamonds are sold through its auction platform.
The company also announced it would be relocating the purchasing, production, and sales base for its auctions to Singapore in November to better serve India and the Far East. It will also continue to operate its existing network of auction viewing offices in Antwerp, Israel, Dubai, and Hong Kong.
“Offering forward contract sales through our auction platform, and moving the base of our auction sales to Singapore will further enhance our compelling proposition to a diversified global customer base, support our position as the leading distributor of rough diamonds via online auctions, and deepen our insight into rough diamond demand,” said De Beers Group chief executive officer (CEO) Philippe Mellier.
