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First online rough-diamond auction sells out

January 29, 2008

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Antwerp, Belgium—All 16 lots sold during the diamond industry's first online auction of rough, held yesterday.

Diamdel, a De Beers Group supplier of rough diamonds with offices in Antwerp, Hong Kong and Tel Aviv, Israel, ran the auction.

Prior to the event, Diamdel made all lots available for viewing to potential buyers.

In the end, a total of 14 buyers snatched up the 16 lots, with bidders from Antwerp, India, Tel Aviv and the Far East participating.

"We are delighted that the first auction has worked so well and, in particular, how we have been able to meet the needs of clients from around the world at market-determined prices," Diamdel Managing Director Neil Ventura said in a statement. "We are still reviewing the learning from the auction and will be talking to the participants in order to ensure the future auctions are equally successful."

Details of future Diamdel online auctions soon will be announced to registered customers at Diamdel's Web site, Diamdel.com.

Though Monday's auction was the first for rough diamonds, Rapaport Chairman Martin Rapaport began a series of online auctions for polished stones in September in an effort to create a futures market for diamonds.
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