Aber to Hold Second Tender in June

Aber, 40 percent owners of the Diavik diamond mine, will hold its second tender from June 7-21. The mine owner says that it feels that holding the tender is in their best interest, and in the interest of their clients as well.

Aber’s first tender, held in November 2004, was an opportunity for the company to gauge its allocation to regular clients against the wider market. At the time, however, it was met with some discomfort by regular clients, mostly because of the short notice given before the tender was held and partially because clients feared that the results would reflect ‘political’ bids, rather than a true reflection of market prices.

Ahead of the first tender Aber said, “Run-of-mine diamond production is an intricate product which is sorted and sold in many different market assortments tailored for different end-uses. […] An open market tender is one of many mechanisms available to Aber to measure current pricing. The tender […] is intended to ensure that both Aber's shareholders, and its diamond customers, receive fair value.”

Aber's second tender will be run along the same lines as the previous one: an open market tender held under third party supervision at the miners' Antwerp offices.