De Beers introduces online third-party rough diamond selling service
by jacquie_dealmeida | June 23, 2016 12:00 pm
De Beers is launching a limited-scope pilot service that offers companies the opportunity to sell certain types of rough diamonds on its online auction platform.
The service—which is part of the company’s auction sales business—will only be available to those diamond businesses adhering to De Beers’ auction sales rough diamond trading standard, which requires sellers comply with the following ethical criteria:
1) Seller integrity: All sellers must accept the registered seller declaration of compliance, integrity, and probity (which outlines the requirements for auction participation, best practice principles acceptance, and compliance with anti-corruption laws).
2) De Beers Auction Sales Source of Origin Provenance Claim: All rough diamonds must be accompanied by a legitimate Kimberley Process certificate and by invoices that:
- carry the WDC Warranty Declaration stating the rough diamonds are conflict-free;
- comply with the WFDB Charter stating the rough diamonds are natural and untreated; and
- carry an additional provenance claim stating the rough diamonds comply with De Beers’ auction sales’ source of origin requirements.
Made by each seller, the source of origin provenance claim will be verified through either the Responsible Jewellery Council (RJC) or the best practice principles (BPP) assurance program process. This provenance claim will be documented in the RJC certificate or BPP end-of-year compliance report.
3) Product disclosure: All rough diamonds offered for sale on the platform must undergo a comprehensive three-level screening process to identify synthetic and/or treated rough diamonds.
The company says by ensuring sellers comply with these additional requirements on integrity, rough diamond provenance, and product disclosure, buyers will be able to bid on these stones with confidence.
The service is available for single stones weighing more than five carats or for fancy-colour diamonds—both represent a very small proportion of the diamonds sold on De Beers’ auction sales platform.
“While this pilot will only represent a very limited amount of what is sold on our platform, it gives us the opportunity to test the strength of demand for such a service,” said Neil Ventura, executive vice-president of De Beers’ auction sales.
“This is a further example of our approach to innovation as a business, and how we seek to respond to and explore emerging opportunities. Meanwhile, by introducing these rigorous criteria for sellers, we hope trading standards across the industry will continue to be elevated: only eligible diamond businesses will have the opportunity to benefit from selling their high-value stones through our innovative and well-established model.”
Source URL: https://www.jewellerybusiness.com/news/de-beers-introduces-online-third-party-rough-diamond-selling-service/