De Beers Auction Sales Introduces Forward Contracts
Dec 3, 2013 9:49 AM
By Sonya Burlan
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RAPAPORT... De Beers introduced forward contract auction sales today to complement spot auction events and in order to provide customers with a choice to secure longer-term supplies. Customers will have the opportunity to bid for future rough diamond supplies, determining the types and quantities of diamonds as well as when they will require them.
Registered customers of De Beers auction sales were able to bid for future supplies up to three months in advance at the company's first forward contract auction event that was held today. Approximately 10 percent of De Beers’ rough diamonds are sold through its auction platform.
“Customers have expressed their desire to secure future supply at auctions so that they can plan their activities more effectively and commit to longer term agreements with their own customers,” said Neil Ventura, the senior vice president of De Beers auction sales. “We see forward contracts as the ideal mechanism to deliver this and believe they will be a valuable addition to our customer offering.”
De Beer’s forward auctions may secure the ability to bid for a future supply of rough diamonds up to 12 months in advance in 2014.
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Tags:
auction, De Beers, forward contract, Rough Diamonds, Sonya Burlan
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