De Beers, which canceled its online auctions in the final two sales cycles of 2023 due to sluggish demand, has launched an innovative “sealed bid” tender system for some of its rough diamonds, IDEX Online reports.
The platform, launched last week, enables buyers to input their desired price for a lot discreetly, ensuring confidentiality from other bidders. This new offering does not replace the existing online auctions, which have been a fixture since 2008 and account for approximately 10% of De Beers’ production not sold at Sights.
Rhyzard Bilimoria, account director in De Beers Group Diamond Trading, commented: “We are constantly looking at new ways for customers to source natural diamond supply with a view to make the experience as simple and flexible as possible while keeping commerciality in mind. We believe that for certain product ranges and during certain industry conditions, the Offer represents the most effective channel to meet customer and industry needs.”
The Offer is designed to be swift, simple, and confidential, allowing buyers to bid any amount they deem appropriate. Bilimoria highlighted the importance of providing a sales process that shields bidder activity, particularly during periods of evolving trading conditions.
