Okavango Diamond Company is testing a new way to sell rough diamonds on contracts for periodic delivery. The new initiative is designed to provide customers with an uninterrupted supply of raw materials for a certain period.
Tobi Frirz (Toby Frears), managing director of Okavango, said in a statement Rapaport News: "In response to requests for special arrangements for the supply we will test the sale of futures contracts at the auction in February The introduction of auctions for immediate delivery will complement our regular spot auctions and. create new opportunities for clients who are looking for a consistent and predictable supply of raw materials for several sales cycles. "
Customers will be able to take part in the tender for delivery within a period of three sales cycles, he said. This will enable them to plan their production for about three months, as supplies within a specified period and for a selected group of products would be guaranteed to them. Okavango will test the program on separate categories of raw materials. The company will also continue its regular auctions.
At the same time, Okavango sales jumped 80% in 2016, to $ 546.5 million, while sales rose more than doubled to 3.442 million carats, said Frears.
"It was a good year for the industry as a whole and cutters benefit from improved margins and stable diamond sales after the well-documented difficulties in 2015, - he added -. While we are bullish on the background of good feedback from customers that these ( positive) conditions must prevail at the beginning of 2017, a lot will depend on the production volume and pricing policies of major producers of diamonds. "
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15.99-carat Burmese ruby was sold for $ 14.2 million as part of the New York auction gorgeous jewelry (Magnificent Jewels) Christie's on 20 April.
Stone oval, located within the border of round diamonds and gold, and called "Ruby Anniversary", was sold at an average price of $ 885,866 per carat, according to Christie's. Jewelry, the cost of which was estimated at $ 12-15 million, was the main lot of the auction. The total proceeds from the auction of $ 57 million.
As part of the auction, the buyer is also offered fancy diamond intense purple-pink weighing 10.07 carats modified under the "cushion" diamond cut. In 2007, the stone was purchased for $ 2 million, and went under the hammer for $ 8.8 million, or $ 878,352 per carat. Christie's also sold at the auction round white stone brilliant cut D IF color purity for $ 7.2 million, or $ 178.605 per carat.
Earlier, Sotheby's failed to sell a lot of its leading trading - belonged to Shirley Temple blue diamond weighing 9.54 carats - at an auction in New York on April 9. In total, as part of its auction Sotheby's managed to sell jewelry at $ 29.9 million.
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