De Beers Case Study

The goals:

De Beers, wanted to pioneer the use of online auctions to sell rough diamonds and become the market leader in diamond auction sales.

The approach:

In 2008, in collaboration with Curtis Fitch, De Beers pioneered the use of online auctions to sell rough diamonds. Since this point, the partnership has strengthened, delivering some of the world’s leading auction techniques and technologies.

The results:

Now De Beers sells approximately 10 percent of its global rough diamond supply through online auctions. In 2013, De Beers acquired a 25 percent equity stake in Curtis Fitch, strengthening the conditions for further innovation.

These innovations have provided customers with industry-leading supply flexibility, helped position De Beers as the market leader in rough diamond auctions, and acted as a catalyst for change in industry sales practices.

De Beers sells approximately 10 percent of its global rough diamond supply through online auctions. Headquartered in Singapore and with sales offices in Antwerp, Dubai, Hong Kong and Israel – De Beers Auction Sales holds international auctions throughout the year for a wide range of products, providing its large, diverse customer base with the opportunity to purchase according to their business requirements.
De Beers, in collaboration with Curtis Fitch pioneered the use of online auctions to sell rough diamonds in the diamond industry in January 2008 and the partnership has continued to innovate since then. Higher, customer-driven volumes of product sales were facilitated through the development of Multiple Unit auctions in 2010, and in 2014 Forward Contract Sales were launched that offered customers future security of supply.
From 2008 to 2014, 792 online auctions have been successfully completed.
In 2013, De Beers acquired a 25 percent equity stake in Curtis Fitch, strengthening the conditions for further innovation

Neil Ventura, Executive Vice President, Auction Sales