Is De Beers Planning to Change its Sight System?
January 20, 20
(IDEX Online) - There are rumors that De Beers could be considering changes to its Sightholder system. According to Bloomberg, De Beers has hinted that it could reduce the number of Sightholders to help strengthen business for the companies that survive the shake up. Bloomberg said that De Beers' clients have been told to expect an update on possible contract changes at this week's Sightholder cocktail party in Botswana. The current six-year Sightholder contract expires at the end of this year. "We will be communicating directly with customers in the coming months about the new contract, which will focus on maximising the opportunities in the new diamond world," the company said in a statement, reports Bloomberg. The first Sight of 2020 will take place from January 20-24 with De Beers hoping that the upturn in sales towards the end of 2019 will continue as the new year gets underway. For 2019, Sight sales totaled $4.04 billion (provisional) compared to $5.39 billion in 2018.