(diamonds.net) - De Beers’ sales slumped to $295 million in September as the miner continued to allow sightholders to refuse goods in the prevailing weak rough-diamond market. The company maintained firm prices and offered increased flexibility to encourage lower purchases, thereby reducing the oversupply in the polished sector, sightholders explained to Rapaport News. It continued its policy of allowing clients to reject 50% of their allocations. It also expanded its buyback program by enabling customers to sell back to De Beers up to 30% of goods in the 2- to 10-carat rough categories, and 20% of the smaller items that constitute the majority of its supply.
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