De Beers Extends Sightholder Contracts Amid Global Uncertainty
December 06, 22
(IDEX Online) - De Beers is extending sightholders' three-year contracts for an extra year as global uncertainties persist.
The UK-based miner said it was seeking to provide them with flexibility. Existing contracts, which determine allocations of rough, will now run until the end of 2024, instead of the end of 2023.
In January 2021, De Beers introduced new contracts dividing buyers into three categories - dealers, manufacturers and integrated retailers, and reduced the number of sight holders to around 70.
A spokesman for the company said this week: "Sightholder contracts have been extended by 12 months until 31 December 2024.
"The extension has been put in place in recognition of the uncertain external environment resulting from the global geopolitical situation and associated macroeconomic headwinds.
"As we have in the past, we're simply looking to be flexible to support our customers during periods of uncertainty."
Pic courtesy De Beers