Diamond giant De Beers said that eligible customers of its rough diamond auctions will be invited to apply for term supply for the remainder of the 2012-2015 Supplier of Choice (SoC) contract period.
The group said in a statement emailed to Rough&Polished that the move reflected changes reported last April to create a more dynamic Intention to Offer (ITO) re-planning process. “Sightholders and non-Sightholders that have demonstrated sufficient demand through De Beers’ auction sales in 2012 will, subject to De Beers’ forecast rough diamond availability, have the opportunity to qualify for an ITO by submitting a Contract Proposal Questionnaire (CPQ) as part of the 2013 ITO re-planning process,” De Beers said.
It said in addition to meeting mandatory financial and compliance requirements, auction customers (who may or may not be a current Sightholder) must have demonstrated the requisite level of demand at De Beers’ auction sales in 2012 in categories of rough diamonds for which the group had sufficient forecast availability.
All CPQs would be assessed according to the rigorous procedures that were used in 2011 to select Sightholders for the 2012-2015 contract period, it said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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