National Jeweler Network

Supply

De Beers to add five new sightholders

2013-03-20

London--The De Beers Group of Companies announced late Tuesday that it is adding five new sightholders for the remainder of the 2012-2015 Supplier of Choice contract period.

Nigel Simson, head of beneficiation for De Beers Group Sightholder Sales (formerly the Diamond Trading Co., or DTC), said that the names of the companies added won’t be released until March 31. De Beers is finalizing “standard discussion” with its new sightholders to ensure full compliance with the company’s Best Practice Principles, he said.

On March 31, De Beers will update the sightholder directory, available online at DTCSightholder.com, with the new names.

In 2011, De Beers announced that as part of its modified Supplier of Choice re-planning process, it would allow non-sightholders that demonstrated “sufficient demand” through De Beers’ auction sales (formerly the arm of the company called Diamdel) in 2012 to apply for sightholder status.

To qualify, companies must have purchased at least $2 million in rough diamonds at auctions held between March 31 and Dec. 14, 2012 in categories in which De Beers has forecast sufficient availability.

Companies also must meet the same financial and compliance requirements as other sightholders; each applicant “has been subject to the same rigorous and objective selection process as those applicants that applied for supply at the start of the 2012-2105 contract period in 2011,” De Beers said.

In addition, existing sightholders are allowed to apply for new rough diamond allocations for 2013-2014. New allocations are subject to forecast availability and the sightholders’ demonstrated demand for rough diamonds in categories outside of what they received in 2012-2013.

“De Beers is proud to welcome five new businesses into the sightholder community,” CEO Philippe Mellier said. “Our sightholders represent the world’s leading diamantaires, and today’s announcement means that we will be better able to supply them with the right diamonds to support them in adding maximum value to our finite resource.”