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Rio Tinto Diamonds Launches Diavik Auction Platform

May 23, 2013 3:40 AM   By Deena Taylor
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RAPAPORT... Rio Tinto Diamonds launched a sales platform to auction a portion of its Diavik diamond production outside of its usual supply agreements with diamantaires.

The platform is aimed at increasing efficiency for diamantaires’ rough sourcing activities, according to the firm, and it uses a proprietary auction mechanism with which specific product segments are offered for sale to a wider community of invited companies.

"The new auction platform complements our existing business model of placing a majority of our production through supply agreements, with a more limited proportion of production made available for sale to a wider selection of customers," said Patrick Coppens, the general manager of sales for Rio Tinto Diamonds.

Coppens noted that the platform was designed based on extensive customer feedback, indicating that customers would value a user-friendly and time-efficient system. The auction platform was built using technology that enables customers to manage the bidding process, product portfolio and budget allocation in real time, as well as receive instant feedback on their bids.

The first application of the platform took place in April and Rio Tinto Diamonds reported record participation, strong sales results and positive customer feedback.

Rio Tinto noted that the majority of its diamond production will continue to be sold through its Select Diamantaire program.
Tags: Auctions, Deena Taylor, Rio Tinto Diamonds, Select Diamantaire
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