De Beers to adapt diamond sales contracts for the ‘modern world’
The diamond producer increased flexibility in its unique system in 2019 because of tough market conditions
20 February 2020 - 18:56
As De Beers, the world’s largest producer of rough diamonds by value, nears the end of sales contracts with handpicked clients, it is negotiating fresh deals to reflect “the modern world”, CEO Bruce Cleaver said on Thursday.
De Beers has a unique sales system whereby it sells 90% of its annual diamond output to about 80 carefully selected clients in 10 sales events called sights, which are held in Gaborone, Botswana, where diamonds from SA, Namibia and Canada are added to local production, aggregated, sorted and sold...
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