Posted on September 24, 2014
Rough diamonds are sold in 'boxes' which is a collection of diamonds with similar characteristics but which vary widely in price from $100,000 up to $1.5 million. Only about 5,000 boxes come up for sale per year. When a box is offered for sale the event is called a 'sight'. Buyers of the box are not given an opportunity to view the contents of the box and cannot negotiate the price. Basically they buy the box sight unseen and the set price.
This sounds quite strange but the author explains the rationale behind it. We often hear references that the diamond industry is characterized as informal and that business relationships are built on trust. This article demonstrates that quite effectively.
Have a read.