Thursday, July 18, 2024

De Beers begins new client contracts

De Beers welcomed its new group of Sightholder and Accredited Buyer clients for the 2015ÔÇô2018 Global Sightholder Sales contract period at a glamorous evening reception held on Tuesday 5th May.

De Beers sells around 90 percent, by value, of its rough diamonds through the Global Sightholder Sales channel. The two types of clients supplied by Global Sightholder Sales are Sightholders (businesses that purchase rough diamonds via term contracts) and Accredited Buyers (businesses that purchase on a more ad hoc basis).

These businesses are among the world’s leading diamantaires, active in major diamond centres across the globe. Businesses from locations as diverse as Belgium, Botswana, Canada, China, India, Israel, Japan, Namibia, Russia, South Africa, Switzerland, UAE and the US qualified as clients in the new contract period. Various business types are represented in the Global Sightholder Sales client community, from large global manufacturers and niche specialists, to vertically integrated businesses with retail operations.

The majority of De Beers’ rough diamonds are now sold from Gaborone following the relocation of Global Sightholder Sales operations from the UK to Botswana in November 2013.

“Our key focus is to ensure that we and our clients are fit for now and the future ÔÇô the new contract period positions both De Beers and the Global Sightholder Sales client community for sustained success as the industry heads into a period of major opportunity,” said Philippe Mellier, Chief Executive of De Beers Group. Knows as ‘sights’, sales events are held 10 times per year in Botswana, Namibia and South Africa, where clients can inspect rough diamond allocations before deciding whether to purchase them.

“We at De Beers are committed to working with our diamond-producing country partners to help them meet their economic and social objectives. Our commitment to beneficiation underpins what we do,” said Philippe Mellier.

As such, well over US$1billion of rough diamonds are offered for sale each year to diamantaires that have cutting and polishing operations in De Beers’ diamond producing country partners of Botswana, Namibia, South Africa and Canada. This helps to support the achievement of economic and social objectives and supports thousands of additional jobs in the domestic diamond industries of these countries.

“We are very proud of all we have achieved through our beneficiation programme. De Beers is the only diamond company that commits to offering a regular supply of rough diamonds for the cutting and polishing industries in southern Africa and it is extremely heartening to see how the beneficiation sector in Botswana has grown to support thousands of jobs in just a few short years.”

“Meanwhile, the strength of the global client list for the new contract period means that Botswana’s diamonds will be exposed to leading companies in the global marketplace, helping to optimize the value of each and every carat for the people of Botswana,” said Philippe.

The current GSS contracts began in March 2015 and will end in March 2018.


Read this week's paper