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Reduced Demand, Softer Prices at Diamdel’s July Auctions

Jul 19, 2012 11:07 AM   By Avi Krawitz
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RAPAPORT... Diamdel reported that buyer participation fell by about 10 percent in its latest round of rough diamond ‎auctions as the trade became more cautious. Diamdel sells approximately 10 percent of De ‎Beers production to Diamond Trading Company (DTC) sightholders and non-sightholders through its online auctions, Diamdel Days. ‎

‎"The reduced demand, coupled with the fact that buyers attending our spot sales have ‎a ‎number of alternative purchasing opportunities, has led to a softening in prices,” Neil ‎Ventura, Diamdel’s chief executive, told Rapaport News. ‎

He explained that while buying in 2012 has focused on buyers taking advantage of the ‎opportunity to obtain the specific lots they require, this trend continued in July, but with greater ‎caution. ‎

‎“Buying continues to be focused but buying has also become more cautious -- the average ‎amount of money buyers are prepared to spend at our auctions has fallen in recent weeks,” ‎he said. ‎

Ventura reported that demand for grainer products has held firm, while interest in larger goods ‎and 2-carat-plus categories has dropped. Diamdel’s small and near-gem sales are currently in ‎progress. ‎

Ventura stressed that prices at Diamdel auctions represent the price of the day for a single ‎purchase and should not be compared to long-term supply prices. DTC sightholders have expressed dissatisfaction with De Beers prices governing their long-‎term supply contracts as the company reduced prices by an average of 3 percent at ‎this week’s July sight.‎

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Tags: Avi Krawitz, De Beers, Diamdel, diamonds, DTC, Rapaport
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