De Beers has bought a 25 percent equity stake in its online auction service provider, Curtis Fitch.
De Beers currently sells approximately 10 percent of its diamond supply through auctions. Curtis Fitch has managed those auctions since 2008.
The investment is meant to “deepen the highly successful partnership between the two companies,” a statement said.
“De Beers’ investment in Curtis Fitch underpins our long-term commitment to rough diamond auctions,” said Neil Ventura, De Beers’ senior vice president of auction sales, in a statement. “It enhances our ability to drive the innovation necessary to maintain a responsive and relevant source of supply for our customers, create value for their businesses, and keep our auction platform at the forefront of the industry.”
Curtis Fitch will remain an independently managed business. As a 25 percent shareholder, De Beers will occupy two seats on the Curtis Fitch board.
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