Rough diamonds are typically auctioned through a sealed bid process, where interested buyers submit their bids in a sealed envelope. The bids are then opened and the highest bidder is awarded the diamond. This method is used to ensure a fair and transparent auction process, as all bidders have an equal opportunity to bid on the diamond and the winner is determined solely by the highest bid.
Another way to auction rough diamonds is through an electronic auction platform where multiple buyers can bid on the diamond simultaneously. This type of auction is typically used for larger and more valuable diamonds, as it allows for more bidders to participate and can result in a higher selling price.
In both cases, the rough diamonds are inspected and graded by a team of experts before the auction, so buyers have a clear understanding of the diamond's quality and characteristics.
To participate in a rough diamond auction, buyers typically need to prequalify by providing financial and industry-related information, and sometimes a deposit.
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