Rapaport News


Rough Markets


Advanced search
Latest Articles
Rough Markets
Polished Markets

De Beers Suspends Applications for Sight Contracts

Move lightens clients’ administrative loads amid effects of COVID-19 on their business operations.
May 5, 2020 6:12 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... De Beers has paused the application process for its new sightholder contract due to the impact of COVID-19 on its clients’ business operations.

“We’ve...been looking at ways that we might lighten the load on our customers and give them more time to focus on supporting their core business,” said Paul Rowley, the company’s executive vice president for diamond trading, in a web broadcast last Wednesday. “As a result, we decided to temporarily pause the new supply-contract application process.”

The current contract governing the miner’s rough supply to sightholders and accredited buyers expires at the end of 2020. Under the new arrangement starting January 2021, the company is planning to divide its clients into three categories — manufacturers, dealers and retailers — and offer a more bespoke selection of goods to each group. Customer must indicate their preferred supply program.

De Beers initially pushed back the application deadline to late April from late March due to the pandemic. It will continue to monitor the situation and let customers know once it’s able to reopen the process, a company spokesperson added.

Image: A diamond sorter at De Beers’ Namdeb operations in Windhoek, Namibia. (Shutterstock)
Tags: COVID-19, De Beers, dealers, manufacturers, paul rowley, Rapaport News, retailers, Rough Diamonds, Rough markets, rough supply, sightholder contract, Sightholders, Sights
Similar Articles
Dubai Diamond ExchangeAntwerp, Dubai Upbeat on Rough-Tender Market
Jan 12, 2021
The largest rough-trading centers face a busy January as adaptations have...
Top Miners Release Dates of 2021 Rough Sales
Stargems Rough Sale Sets Dubai Record
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us