DIAMONDS: Rio Tinto creates online auction

NORTHWEST TERRITORIES – Rio Tinto Diamonds of Belgium has introduced an online auction platform for the sale of its diamonds. Stones not covered by existing supply agreements will be offered to a select number of invited companies.

The arrangement includes some of the Diavik stones mined near Lac de Gras, 300 km northeast of Yellowknife. The mine is a joint venture of Rio (60%) and Dominion Diamond Corp. (40%) of Toronto.

The new auction platform is built on the latest technology, providing customers bidding flexibility and convenience, according to Rio. Participants can now easily manage their product portfolio and budget allocation decisions in real time, while getting instant feedback on their bids.

The first application of the platform occurred in April and Rio Tinto Diamonds reported a record participation, strong sale results and positive customer feedback.

Rio Tinto Diamonds invites diamond companies that would like to participate to make contact through auctionsales@riotinto.com.