De Beers has temporarily put on the back burner the application process for its new sightholder contract as COVID-19 continues to disrupt its clients’ business operations.
The current supply contract expires at the end of 2020.
Image credit: De Beers
“We’ve...been looking at ways that we might lighten the load on our customers and give them more time to focus on supporting their core business,” De Beers executive vice president for diamond trading, Paul Rowley was quoted as saying by Rapaport.
“As a result, we decided to temporarily pause the new supply-contract application process.”
The new sightholder contract, which is set to commence in January 2021, will likely see De Beers divide its clients into three categories — manufacturers, dealers and retailers.
It will also offer a more tailored selection of goods to each group and clients will have to indicate their preferred supply programme.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
