De Beers releases names of new sightholders
April 01, 2014
Gaborone, Botswana--De Beers has named the five companies it has added as sightholders for the remainder of the 2012-2015 contract period.
They are: D. Navinchandra Gems BVBA; Diambel NV; M/S. Vallabhbhai Dhanjibhai & Co.; Yaelstar BVBA; and Star Rays.
The first sight for these new companies will be May 5 to 9, when the final intention to offer (ITO) period of the current contract begins. De Beers’ current sightholder contract period began in 2012 and extends through March 30, 2015.
The addition of these companies brings the total added by De Beers during the current contract period to 10. The first five were added in March 2013. De Beers revealed the addition of the second group of five last month but didn’t reveal their names until Tuesday.
Neil Ventura, executive vice president of auction sales at De Beers, said the companies were added due to the result of the demand they demonstrated for products sold at De Beers’ auctions.
“The combination of spot sales and recently launched forward contract sales provides our customers with both industry-leading short and medium-term purchase flexibility, and a real opportunity to achieve sightholder status,” he said.
De Beers announced in 2011 that, for the first time, it was modifying its sightholder system to allow non-sightholder companies that have been buying rough diamonds via its auction sales to apply for a sight in the middle of a contract period.
The extra sights are dependent upon forecast rough diamond availability, and those applying for a sight undergo the same selection process as current sightholders. They also must adopt strict ethical standards in their business practices, adhering to De Beers’ Best Practice Principles.
De Beers will begin accepting applications for its next sightholder contract period, which begins March 31, 2015, in the third quarter of 2014.