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De Beers Extends Sight Contract by a Year

December 5, 2022  |  Joshua Freedman
Small collection of rough diamonds being sorted with tweezers 1280

De Beers has given sightholders an extra 12 months operating under their current supply terms, citing uncertain global conditions.

The contract, which was due to expire at the end of 2023, will now run through December 31, 2024, a De Beers spokesperson told Rapaport News on Monday.

“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 said. “As we have in the past, we’re simply looking to be flexible to support our customers during periods of uncertainty.”

The agreement governs how the miner sells rough diamonds to its long-term clients. In 2021, the company introduced a new contract that split sightholders into three categories — manufacturers, dealers and retailers — and allocated each group a more bespoke selection of goods.

The move comes amid De Beers’ own contract negotiations with the Botswana government, which have also seen several delays.

Image: Rough diamonds. (Ben Perry/Armoury Films/De Beers)

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Small collection of rough diamonds being sorted with tweezers 1280 De Beers Extends Sight Contract by a Year

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