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Security News South Africa

No rough diamond trade on bidorbuy

A would-be seller on bidorbuy offered a heap of rough diamonds with a weight of 1,800 carats at an asking price of R2000 per carat representing an attempted trade in rough diamonds to the value of R3.6 million in the early hours of Wednesday 11 August 2010. The listing specified that individual stones were on average 4.76 carats big, of good clarity (VVS1 to VS1) and nearly colourless (colour grade G to H).

The sale might have gone through if it were not for the vigilance of bidorbuy. "In South Africa, the trade in rough diamonds is very strictly regulated," says bidorbuy CEO Jaco Jonker. "Even being in possession of rough diamonds without all the relevant permits constitutes breaking the law." The auction site blocked the transaction, alerted by the unusually large amount of selling commission being generated through this sale.

The prospective buyer was contacted and made aware of the legalities around the sale and was happy to walk away from the deal. The seller, who is newly registered on bidorbuy, is not responding to emails or phone calls and has since been disabled on the site.

"We are not able to check everything that about 30,000 of our active sellers upload onto the site," says Jonker. "That would be impossible. At any given moment, there are over 450,000 items offered for sale. We provide a platform for sellers to reach potential customers among the 500,000 registered users and among over one million visitors who browse bidorbuy every month."

However, as soon as any infringements are noticed by the bidorbuy staff or reported by any of the registered users, they are dealt with quickly and decisively. "We are dedicated to keeping the site a safe and secure environment. That is why we are also always ready to assist the authorities, whenever our help is required," he concludes.

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