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De Beers to use fixed-price forward contracts for auction sales

De Beers SA is set to pilot fixed-price forward contracts in its auction sales in a bid to give customers price certainty and to guarantee their access to future supply, Mining Weekly reported Jan. 19.

The use of the contract is in response to customer feedback and is expected to provide a highly effective supply-sourcing option for small and medium enterprises that are seeking access to regular rough diamond supply at a predictable price.

De Beers launched forward contract sales on a floating price basis in December 2013 and will feature fixed-price forward contracts during its Feb. 16 auction for the grainers, smalls and near-gem categories of rough diamonds.