De Beers to Introduce Forward Contract Sales for Rough Diamonds

De Beers, the biggest diamond producer, will introduce forward sales contracts for buyers in its rough-diamond auctions.

De Beers, owned by Anglo American Plc (AAL), is moving the purchasing, production and sales base for its diamond auctions to Singapore in November, the company said yesterday in a statement posted on its website.

The forward sales will allow customers to determine the volume of goods they want to purchase over a given period, De Beers said. The company will continue to hold spot auction events, it said.

About 10 percent of the company’s rough diamonds are sold through its auction platform, De Beers said. The auction product range includes special and exceptional stones and differs from diamond boxes the company sells to prequalified buyers, or sightholders, at sales events known as sights.

To contact the reporter on this story: Liezel Hill in Toronto at lhill30@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

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