Rio Tinto Launches Auction System for Sale of Diavik Goods

(IDEX Online News) – Rio Tinto Diamonds has launched a new sales platform for a portion of production from the Diavik mine in Canada. The new mechanism allows for the sale of rough to buyers outside its designated Select Diamantaires.

The miner explained that specific diamonds will be offered for sale to a wider range of invited companies, although the majority of its production will continue to be sold through supply agreements with Select Diamantaires.

The company said the new auction platform gives customers flexibility in bidding and convenience of use. Its advanced technology means that participants can easily manage their product portfolio and budget allocation decisions in real time, while getting instant feedback on their bids.

Rio Tinto explained that the platform aims to make diamantaires’ rough sourcing activities more efficient.

“The design of the platform is based on extensive customer feedback, which clearly stated that our customers would value a user-friendly and time-efficient system,” said Patrick Coppens, General Manager of Sales for Rio Tinto Diamonds.