It is one of two channels The De Beers Group of Companies utilises to sell its rough diamonds. De Beers Global Sightholder Sales sells approximately 90% of De Beers’ rough diamond production by value, through term supply contracts to selected customers, known as ‘Sightholders’ and through more ad hoc supply to customers, known as 'Accredited Buyers'. The demand demonstrated with De Beers Auction Sales can, over time potentially allow customers to secure longer term supply contracts from De Beers by attaining Sightholder status. De Beers Auction Sales is a global business, headquartered in Singapore and with regional offices in Belgium, Israel, India and Hong Kong through which we manage our customer relationships.

 

De Beers Auction Sales serves one of the largest and most diverse customer bases in the industry with over 800 registered customers, ranging from rough diamond traders, to manufacturers and sellers of polished diamonds, to jewellery manufacturers and retailers. A wide range of rough diamond products is sold on a spot and forward contract basis, using innovative online auctions. This provides our customers with market-leading flexibility to construct their own bespoke combination of spot and short term supply contracts for different products to suit their needs. Since inception in 1964 we have played an important role in the diamond industry and have been at the forefront of developments in evolving how rough diamonds are priced and sold. In 2008 we pioneered the industry’s first successful sales of rough diamonds using online auctions, offering customers fixed carat supplies. We gradually evolved to selling greater product volumes with our multiple-unit auction innovation in 2011 and in 2013 offered a highly flexible security of supply proposition for our customers with the launch of Forward Contract Sales. Indeed, the changes we pioneered have acted as a catalyst for change in rough sales practices.