Tiffany & Co. said last week it is planning to establish a fully owned Antwerp-based subsidiary to provide rough diamond marketing services to rough producers. Basically, Tiffany wants to conduct auctions.
The yet-to-be-established subsidiary has entered into an agreement with a Washington, D.C.-based company called Power Auctions, a leading provider of auction design and implementation services, to jointly create and implement market solutions for rough diamond producers, Tiffany said in a statement.
“Power Auctions' software has been used to run the majority of high-stakes clock auctions held worldwide to date. Its proprietary Intra-Round Bidding technology allows for a significant reduction in the number of rounds in an auction while improving efficiency and revenues,” it said.
Services to be offered by Tiffany's will include rough sorting, sourcing and qualification of buyers, presentation of goods, design and administration of auctions, collection of payment from buyers and delivery of goods to successful buyers.
The Tiffany rough business will be headquartered in Antwerp, but it plans to open branches in other diamond trading centers across the globe as required, Tiffany said.
-PolishedPrices
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