De Beers’ relationship with buyers sours as it refuses to lower prices
De Beers sells its diamonds through 10 sales each year in Gaborone and the buyers, known as ‘sightholders’, have to accept the price and the quantities they are offered
30 July 2019 - 17:50
London — It is one of the world’s most exclusive clubs, known over the years as the Syndicate, the Central Selling Organization and the Diamond Trading Company.
For more than a century, De Beers has sold most of its rough diamonds to a select number of customers, a list that reads like a who’s who of the opaque gem-trading world. Tiffany & Co, Graff Diamonds and Signet Jewelers all own subsidiaries in this group, guaranteeing a steady supply of gems with the pedigree of being vetted by De Beers...
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