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The world’s largest diamond mining company, the De Beers Group, has extended exclusive sightholder contracts for an additional year.
A sightholder is a company placed on De Beers’ Global Sightholder Sales list of authorised purchasers of rough diamonds. In 2021, De Beers refined sightholder contracts into three categories – dealers, manufacturers and integrated retailers, with approximately 70 contracts offered.
A spokesperson for De Beers said that the contracts have been extended for an additional year to accommodate sightholders amid a difficult economy.
“The extension has been put in place in recognition of the uncertain external environment resulting from the global geopolitical situation and associated macroeconomic headwinds,” the spokesperson told Rapaport News.
“As we have in the past, we’re simply looking to be flexible to support our customers during periods of uncertainty.”
The current sightholder contracts will now expire on 31 December 2023. De Beers completes 10 sales cycles annually and recently confirmed a modest decline during the ninth cycle.
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